China has been named the leading investor in the county for the year 2018/19 by the Uganda Investment Authority (UIA).
UIA’s annual performance report which was presented to the press by the Authority’s Acting Director General Lawrence Byensi revealed that investment worth $607,329,462, which is about 45.1% of total the investment was done by China.
This was followed by Uganda with $328,768,786 standing at 24.4%, followed by Lebanon with $70,622739 at 5.24% then India with $58,054604 at 4.31% and finally United Arab Emirates (UAE) with $55,715,000 at 4.14%.
Byensi said a total of 286 companies were licensed by UIA in the last financial year, majority of which are in manufacturing, construction and agriculture.
These licensed companies, he said, will invest a sum of $1.3 billion. Of this, foreign investors will invest 75.6% while domestic investors will invest 24.4%
In terms of planned employment per sector, manufacturing took the lead with 35.5%, followed by transport, storage and communication sector with 35.2%, while agriculture came third with 10% and construction at 8.9% among others.
In reference to distribution of planned employment attributed to local and foreign projects, the 24.4% of local projects contributed 14,737 jobs while 75.6% of foreign projects contributed 45,203 jobs making a total of 59,940 jobs.
Byensi also disclosed the trend of investments for the last 5 years indicating that in the FY2014/15, 327 projects were licensed, 353 projects in FY2015/16, 512 in FY2016/17, 247 in FY 2017/18 while the last FY2018/19, 286 projects were licensed.
Apart from licensing of investment companies, Byensi said UIA has been involved in many other activities such as investment facilitation and as a result, 273 projects with actual investment value of $2.8 billion and actual employment of 41,652 people were monitored in various parts of the country.
On the issue of investors getting land and failing to utilize it, Byensi said when a company is given land, it’s also given a 5 year lease to construct the investment/project.
He added that 120 companies had their leases withdrawn over failure to utilize the land.
Regarding investors encroaching on wetlands, he said it’s the responsibility of NEMA and Local Government to handle the matter.