The Democratic Party (DP) has urged government to give priority to local investors, now that foreign firms are exiting the country.
Last month, at least two multi-billion companies, Shoprite and Africell announced that they will be winding up business in Uganda, following losses.
While addressing the press on Tuesday, Luyimbazi Nalukoola, who is the DP national legal advisor said that in a country that prioritises foreign investors over local ones, it is worrisome when such businesses owned by investors are closing down.
“Now that they have started exiting, we hope the government will give priority to the local investors in resuscitating their investments,” Nalukoola said.
The DP legal advisor said government has abandoned offering empowerment and support to the local investors for years while focusing on the foreigners, forcing many would-be local investors to divert their resources to real estate which has deprived the country of many local investments.
“How shall we overcome unemployment and related challenges when there is no tangible investment in agricultural and industrial sector? The government should deliberately focus on supporting local investors in order to avoid foreign exploitation of our economy,” Nalukoola said.
Government announced last week that they had launched an investigation into the mass exodus of big foreign companies from the country.
According to the Ministry of Finance Permanent Secretary Ramathan Ggoobi, the government probe will also aim at finding out whether there is something government can do to avert similar exits and whether there are any other regional markets that are taking advantage of the situation.