Uganda Investment Authority (UIA) and American Chamber of Commerce (AmCham) have today signed a Memorandum of Understanding aimed at increasing American investment to Uganda.
The MoU was signed by UIA Director General, Robert Mukiza, and AmCham’s President, Mike Davis, on behalf of their respective organisations.
Accordingly, the MoU which will last for five years will offer opportunities for discussions on topics including policy, investment, subsidies, possible exemptions, local content standards, tax environment, policy implementation and policy review, amongst others.
Speaking at the signing ceremony, the Director General of UIA, Robert Mukiza hailed the amicable and investor-friendly relations between Uganda and America.
Mukiza said that the United States being world’s biggest economy will allow Uganda to attract even more Foreign Direct Investment while opening up even greater markets for Ugandan products.
“We have also very deliberately chosen the five-year mark to allow both the investors the chance to identify opportunities across the different sectors and be able to see the beginnings of their return on investment over that period,” Mukiza said.
The UIA boss said the focus would be on aggressive and collaborative investment promotion, new story telling of Uganda’s vast investment opportunities, big data exchange and knowledge and technology transfer, amongst others
On his behalf, President of AmCham Uganda, Mike Davis, said they are very excited to work with the Ugandan government to ensure that all businesses are well supported in Uganda.
“We are here to make sure that businesses across the two countries connect and in doing so, that our members are comfortable, supported and trade freely in Uganda”. Davis said.
Davis said first key step in implementing the MoU is to develop inclusion of American investors and professionals directly within UIA discussions – not just at the highest levels including the Presidential Investors Roundtable, but at the board level within UIA and through repeated operational roundtables with UIA staff and AmCham membership.
Uganda has over the past years growingly become a destination for key American investments including Citibank, Marsh Insurance and Risk Management, Coca Cola and Willis Towers Watson amongst others.