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Kampala, Uganda | THE INDEPENDENT | Business and political leaders in Wakiso, together with Uganda Development Bank (UDB), have identified the district’s investment potential and discussed sustainable projects that will drive economic growth.
The leaders met at a one-day investment conference held at Peniel Beach Hotel in Entebbe, under the theme “Harnessing Investment Opportunities in Wakiso.”The conference aimed to find solutions for Wakiso District and its constituencies, including Nansana, Kira, Makindye Ssabagabo, and Entebbe.
Patricia Ojangole, the Managing Director of Uganda Development Bank, highlighted that the 2023 Wakiso Investment Conference aligns perfectly with their vision of promoting socio-economic growth in Uganda.
They achieve this through sustainable financial interventions in key priority sectors such as agriculture, manufacturing, health, education, tourism, and infrastructure.
The conference served as a platform for meaningful connections, knowledge exchange, and the dissemination of information on the investment climate in Wakiso. It also facilitated expert-informed discussions on Wakiso’s development, generating practical solutions to adapt strategies and accelerate inclusive socio-economic transformation.
The conference focused on identifying sustainable and impactful investment opportunities aligned with the National Development Plan III and the key priority sectors of the district. It addressed challenges faced by the private sector in Wakiso, proposing solutions and remedial actions. Additionally, it aimed to identify a pipeline of bankable businesses in various sectors.
Since the inception of the conference in 2018, the Wakiso District leadership noted a noticeable increase in the issuance of investment licenses, amounting to approximately US$1.35 billion, resulting in the creation of an estimated 26,303 jobs.
The Managing Director of UDB expressed the bank’s dedication to fostering sustainable socio-economic growth. They support initiatives like the Wakiso investment conference, which aims to unlock opportunities that complement government efforts in job creation and community upliftment. The conference serves as a platform for knowledge exchange on accessing funds and making informed investment decisions.
The collaboration between UDB and the Wakiso District demonstrates a shared commitment to boosting the socio-economic growth of the country, creating a conducive business environment, and empowering communities to thrive.
Norbert Mao the minister of Justice and Constitutional Affairs who is also the vice chair of the Uganda Development Forum (UDF) said that all that was discussed at the conference will be compiled into a report and it will be taken to the Wakiso local government as well as the central government.
“We have heard the opportunity to listen to the real investors. They complained about over-taxation from URA and also the local government. They are talking about extortion, corruption and bad infrastructure,”
“This has been a good deliberation because we have listened to real investors. Many people think to be an investor you have to be from Europe, America, India or China. We have to be confident that investors can also be Ugandans. And all these are entitled to all the benefits of the investment laws in Uganda,”
He also said that such conversations will continue in all municipalities and this cannot only be done by the government.
“Uganda Development Bank is here in a big way and it has demystified itself. Most local investors think that UDB is not for them but we have seen a lady with fish ponds got funds from UDB and that is why her business id thriving,” he added.
