New investment code gives more powers to UIA

The new Investment Code recently assented to by President Museveni gives more powers to the Uganda Investment Authority.

“The investment code mandates the Authority as the only institution in Uganda to operate the One Stop Centre (OSC) for Investors,” said the Authority’s acting director general Lawrence Byensi.

He told the visiting delegation from China that authority has also been mandated to develop and manage industrial parks.

The company executives from Tecno were in Uganda to express their interest in investing in Uganda in the manufacturing of Tecno mobile phones.

The delegation was led by the company’s director Phillip Ruan.

“It was not clear before as to which institution was to operate the one stop centre and the development and managing of industrial parks in the country but now the new investment code clearly spells out those responsibilities,” he said.

He told the delegation that the centre currently houses twelve government agencies that are providing services to investors under one roof.

These include the Uganda Investment Authority (UIA), Uganda Revenue Authority (URA), and the Immigration department, Ministry of Lands, Housing and Urban Development National Water and Sewerage Corporation, Kampala City Council Authority (KCCA).

Others are Uganda Registration Services Bureau (URSB), National Environment Management Authority (NEMA), and Uganda National Bureau of Standards (UNBS).

The centre also hosts Diamond Trust Bank, the Giant Clubs Uganda, UMEME and the Uganda Free Zones Authority (UFZA).

He pointed out that its government policy to attract quality investments that bring in new technologies, skills, employ Ugandans and if possible producing for export and the local markets.

“Quality investments are good for our economy because they reduce on our import bill and save on our foreign exchange,”

“So if you invest here, you will save us on the import bill, save foreign exchange while at the same time Uganda is strategically located to enable you access regional markets."

He added that the political commitment to investment by government is 100 percent and its priority number one.

“Uganda is secure and this is the reason why we are hosting large numbers of refugees from neighbouring countries,” he said.

As of February 2019, Uganda is the third largest refugee-hosting country in the world with a total of 1,223,003 refugees in Uganda. 4% live in Kampala, while the rest live in the settlements.

Byensi pointed out that the economy of Uganda is private sector led meaning that government does not interfere with the private sector.

“Government has introduced new laws and amended others to improve the business climate, you are also encouraged to expand your business, there are no restrictions like in other countries where you are forced to have a local partner," he said.