Investment authority board tasked to attract quality investors

Kampala, Uganda | THE INDEPENDENT | State Minister for Investment Evelyn Anite has tasked the new Uganda Investment Authority (UIA) board to attract quality investors. The new Board was inaugurated this morning at UIA headquarters, Kampala.

The new Board brings back Dr Emely Kugonza as the Board Chairman. Other members of the board include Godfrey Byamukama Kereere, Gertrude Kateesa Lutaaya, Dr Joshua Mutambi, Naima Obombasa, Fred Opolot and Morrison Twesigye Rwakakamba. They replace a board that was fired by Finance Minister Matia Kasaija in February.

The Investment Authority is undergoing structural reorganization for the enactment of the Investment Code. As part of the reorganization, the board has been reduced from 13 to 7 members.

Anite said the new board is made up of highly-qualified professionals who the government expects to deliver. She said that the board’s critical responsibility is to change the quality of investors who are licensed to set up industries and receive government incentives such as tax holidays and free land.

The government views industrialization as the magic bullet for economic transformation and job creation. In line with the policy direction, Anite says the new board must attract quality investors who will create jobs who Uganda’s young population.

She argued that the government has a plan to create a million jobs every year.

Anite warned the new board against mortgaging government land given to them in industrial parks. She said the defunct board allowed 13 companies to mortgage government land. The new board has been urged to start the process of untying government land from the mortgages immediately.

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