Philip Karugaba, the head of ENSafrica Advocates Uganda said on September 7 that without protection from politicians, foreign investors will fear to put their money in the economy.
He made the comments at a stake holder forum organized by the Standard Chartered Bank Uganda in Kampala.
The intention of the forum was to bring together stakeholders from the public and private sector to find ways of how they can jointly contribute to service delivery through public private partnerships.
Uganda is said to be one of the leading investment destinations on the continent due to it generous tax incentives and holidays offered to foreign investors.
Yet analysts reckon that this investor-friendly climate is now being polluted by the political wing in the country who are holding investors at ransom.
Karugaba said this could jeopardize the country’s chances of attracting foreign investors.
“Once government has signed a contract and made a commitment with a private sector player to make investments and then we see parliament recalling the contract, what assurance should investors have?” Karugaba queried.
His tough comments follow the recent political intervention in the ongoing vehicle inspection exercise carried out by SGS Uganda, a foreign company that had signed a deal with government to inspect all motor vehicles to ensure safety on roads.
Karugaba said there is need for government to come up with clear laws concerning some of the upcoming public policies such as the road tolls, which will require road users on major highways to pay a certain amount of money.
“We need a supporting law to govern each of those projects we talked about Kampala – Jinja express highway which will have road tolls. There is no legislation in Uganda to govern such”
Robin Kibuka, the board chairman of Standard Chartered Bank Uganda, said there needs to form partnership between the private and public sectors.
“What is needed is to make the public aware of the opportunities of partnering with government,” Kibuka said.