The Independent Uganda: You get the Truth we Pay the Price
The country’s investment promotion agency licensed 426 planned investment projects valued at Shs9.63tn in the FY 2023/24
Kampala, Uganda | JULIUS BUSINGE | The Uganda Investment Authority (UIA) is seeking Shs173.9billion for the Financial Year 2025/2026 to cover wage and non-wage expenditures, with the bulk of the money, Shs161.5billion in already approved external financing going for ongoing infrastructure development in industrial parks.
This was revealed on Jan.16 when UIA’s top management appeared before the Finance, Planning, and Economic Development Committee of Parliament. The Director General, Robert Mukiza led the team.
UIA officials said, that in the financial year 2025/26, UIA’s key priority intervention would be promoting Uganda as the preferred destination for foreign and domestic investment in Africa to increase the value of investments.
Another key intervention is improving domestic and international competitiveness and a “doing business environment” through an efficient one-business-stop centre to reduce business costs.
Other key interventions are accelerating Uganda’s industrialization through serviced industrial and business parks to promote investment for economic transformation and employment creation through value addition and technology transfer and undertaking research and advocacy for favourable investment measures and policies.
The planned activities include establishing appropriate value-addition infrastructure, modern packaging and branding industries and services to support value-addition, decentralized government services to the private sector through the UIA One-Stop Centre, and aggressive investment promotion and facilitation.
MPs express satisfaction
The MPs hailed the Uganda Investment Authority (UIA) for successfully advancing Uganda’s industrialization agenda but urged officials to do more as they seek more budget support going forward.
The MPs, in particular, emphasized the need for solid financing for industrial park development to boost investments in value-adding projects and cottage industries and create jobs, especially for young people.
The MPs said they are happy to note that the UIA’s work in promoting investment and industrialization is visible and progressive. They cited industrial park development, industries, and increasing varieties and volumes of locally made products and services.
The committee Chairperson, Amos Kankunda, said, “I’m happy to learn that the Authority has created a body, the Domestic Investment Division, entirely meant to ease the investment processes for our local investors. We applaud UIA for that.”
The Committee’s acting Vice Chairperson, Emely Kugonza, said for Uganda to achieve 10-fold economic growth, there must be a strong investment in industrial park development across Uganda.
“We need to change the trajectory and narratives. The Government and the Ministry of Finance should adequately finance the Uganda Investment Authority to get our industrial growth and development to where we want it to be,” Kugonza said.
The Director General of UIA, Robert Mukiza, said the Authority is laser-focused on investments that add value to local raw materials, create jobs, and transfer technology, knowledge, and skills.
Mukiza said the UIA does not favour international investors over domestic ones, emphasizing that all are considered investors and are entitled to government tax and non-tax incentives. He said that to drive domestic investment, the UIA has a division dedicated to domestic investment promotion.
UIA licensed 426 planned investment projects valued at US$2.61billion (approx.Shs9.63tn) in the Financial Year2023/24.
