New report from the Uganda Investment Authority (UIA) indicates that the country is on the right track as far as attracting both local and Foreign Investors.
According to the UIA reports for the Q4 206/2017 and the Q1 for 207/2018, the Authority licensed investment worth USD641 Million against both quarterly targets of USD200 Million representing an Achievement of 320%.
Briefing the Media at the UIA offices in Kampala, Jolly Kaguhangire, the UIA chief executive officer said in the same period the Authority also managed to register total of 164 projects with an estimated 28,503 planned jobs.
The good performance by the Authority is due to reforms that are taking place at the UIA.
“The good performance trends in the reviewed period are largely attributed to easing the licensing process and implementation of Key reforms at the Authority; this has helped the top management to execute their duties effectively,” she told journalists.
Some of the reforms that have helped UIA to improve on licensing investor across the country include the establishment of the one stop center at the head offices of the Authority.
According to the ED, the one center provides better seamless services in a friendlier environment.
“This has greatly reduced waiting time for the investors since all the necessary services such as Business Registration, Immigration services Land registry can be accessed at the center. We encourage all investors both local and foreign to utilize the center because it has reduced the cost of doing business especially for the starters,” she explained.
In order to attract more investors, Kaguhangire said they are going to continue working with Uganda’s, foreign Mission because the good working relationship between UIA and the Mission has led to the improved performance of the Authority.
Despite the good results from the previewed period, the Authority has also experienced setbacks.
This greatly affected their operations — some of the challenges UIA experienced include the negative attitude/perception from the general public that UIA favors only foreign Investors over the domestic ones.
Other challenges were the uncoordinated movement of investment promotion related activities being conducted by various government agencies.
“There’s need to fully coordinate all investment promotion activities under UIA to achieve better results and for accountability purposes,” Kaguhangire suggested.
In order for the Authority to perform better, UIA intends to implement some programs that will enable them perform at their maximum.
Some of the reform include engaging with different government Ministries, departments and Agencies to jointly partner with international media brands to promote Uganda as the preferred investment destination in the region.
Other strategies include UIA working with development partners to accelerate the Kampala Industrial and Business Park whose pending budget is still US$II5 Million.