Uganda investment authority (UIA) on Wednesday hosted a delegation of twenty businessmen from Germany who were in Uganda to seek information on investment opportunities available for them
They were welcomed and briefed by the UIA acting Director General, Lawrence Byensi who informed them about the favorable and attractive investment policies put in place by the government of Uganda especially for foreign investors.
“We have put in place various fiscal incentives through the respective tax laws that are favorable for both domestic and foreign investors. These are applicable in specific sectors like agriculture, transport, education, manufacturing and energy sector and general employment for the nationalities” Byensi said
Byensi further told the prospective investors that there are specific incentives in the agro-business including income tax reduction in the initial capital, industrial building allowances and tax deductions like on research and training and carrying forwards unlimited losses.
“For those in the manufacturing sector, there is a ten-year income tax holiday for exporters of finished goods, value added tax deferment on plant and machinery at importation and zero duty on plants and machinery utilized for setting up industry,” he said
Some of Uganda’s exportable agricultural products include coffee, tea, cotton, horticulture products, fish, honey, diary and poultry products, oil seeds, animal and vegetable oils and cocoa beans.
He further explained that the authority helps investors by providing them with information on investment opportunities, issuance of licences and after care services.
“The authority also helps in connecting you to possible venture partnerships with local investors, acquisition of land for investment in the industrial parks facilitation and enhancement of SMES. We have opportunities in adding value to natural resources, mineral benefaction, information and communication, oil and gas sector and its support services and the service sector” he added