Minister Anite warns new UIA board against licensing “pancake” investors

The state Minister for investment, Evelyn Anite has warned the new Uganda Investment Authority board against what she termed as “pancake” investors coming to the country.

Speaking during the inauguration ceremony of the new board at the UIA head offices in Kampala, Anite said in the past, the country has suffered with people licenced as investors only to run out as a burden to the country.

“The biggest problem we have had in the past is quack investors. We don’t want white elephant investments anymore.  You should not licence people who come as investors but the next day they are on streets selling pancakes or are mortgaging our land,”Anite warned.

She explained that the country has not got value out of a number of investors cleared by Uganda Investment Authority but end up doing a disservice to Ugandans.

Anite said the board had been resized from 13 to 7 members to ensure they do a quality job noting that the government has high hopes in the new board to deliver on its targets.

One million jobs per year

The Investment minister told the new board that as part of their targets, they are expected to lead to a creation of one million jobs per year in a bid to help fight unemployment in the country.

“You are being looked at to attract foreign direct investments that are of high value. We want to see investments that will see one million jobs created annually,”Anite said.

She explained that records show that over 8000 jobs are created annually but noted this has not had any impact on the economy.

She however noted the statistics were compiled in 2016 and there is need for updated statistics.

The new UIA board was also implored to ensure the number of industrial parks grows from the current number to 25 and that they should be spread across all parts of the country.

Anite said the current number of industrial parks stands at 11 with parks in Mbale, Namanve, Bikwe, Bweyogerere, Kapeeka and Mbalala among other areas.

“Some of these (11) are historical and not yet well built but according to the contract, we want five industrial parks every year.  We want industrial parks with roads fully worked upon, water and electricity all in abundance,”Anite tasked the new UIA board.

She asked the new board to ensure competitiveness between local and foreign investors.

Corruption

The minister warned the new Uganda Investment board that any member engaged in corruption will not be tolerated.

“We are servants of people but not here to enrich our selves. You will get many temptations from foreign players to change decisions but always remember your country first,”Anite said.

“Don’t be tempted to solicit or receive bribes to favour any companies or else you will be sacked there and then.”

The new Uganda Investment Authority board chaired by Emely Kugonza has Fred Opolot, Morrison Rwakakamba, Joshua Mutambi, Godfrey Byamukama Kerere,  Ombombasa Naima and Getrude Kutesa Lutaaya as other members.