Business

Ugandan Diaspora to Organize Business Breakfast in Kampala As Remittances Decrease

 

The Uganda Investment Authority (UIA) together with Ugandan Diaspora Network will on 27th December 2019 hold the 9th annual diaspora business breakfast followed by the Ugandan Diaspora social networking gala scheduled for 28th December 2019.

Annually, UIA organizes the “diaspora home is best summit” as one of the major efforts to inform the Ugandan Diaspora about status of Investment in their home country Uganda and the investment opportunities so that they can invest back home.

According to World Bank 2018 Report on migration and remittances, Ugandans from diaspora globally remitted 1.4 billion USD in 2017 with a decline of 1.3 billion USD in 2018. This amounts to about 5% of Uganda’s GDP.

Speaking to the press today, the Acting Executive Director UIA, Mr Lawrence Byensi said, “This goes to show how important diaspora remittances are and UIA’s aim is to assist in channelling these into Investment that should provide the remitters with high returns for their savings or money sent home.”

Byensi noted that since 2004, the country has witnessed diaspora investment in varied sectors such as agro processing, real estate development, renewable energy, commercial agriculture and services such as this education and health.

Together with Ministry of Foreign Affairs, United Nations Development Programme (UNDP), Ministry of Internal Affairs, Bank of Uganda, (Uganda Revenue Authority (URA), and many other stakeholders, UIA has participated in the development of the National Diaspora Policy, development of the diaspora Bond and compendium of of business and Investment opportunities.”

“The compendium is due for review considering the many other investment opportunities that have come up in new sectors like the Oil and Gas, Fintech and other innovative opportunities.”

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“The diaspora events this year will be an opportunity to discuss the status of a number of Government initiavies to make the Investment and social environment more enabling for Ugandans in diaspora to do business back home,” he added.

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