Kasaija to multinational companies: We are going to have a very nice economy, stay put

Minister for Finance Matia Kasaija has urged multinational companies to ‘stay put and not leave the country, saying that Uganda will have a very nice economy soon.

Kasaija said that government will not stop any multinational company that wants to leave, but urged them to hold on a little longer as efforts to rejuvenate the economy are in high gear.

Kasaija made these remarks while addressing the press at the Uganda Media Centre on Wednesday.

“My appeal to any company which is doing business here, please, we are going to have a very nice economy, stay put,” Kasaija said.

Kasaija said that it is not true that the government is chasing some of the multinational companies with its policies.

He said that the tastes and preferences of Ugandans might have changed in the last few years, which has sent these businesses packing.

“We are not chasing them, they came here voluntarily and if they come here and find that the environment is no longer conducive for them to do businesses they thought they would do, then we cannot stop them,” Kasaija said.

Kasaija’s comments come at a time when the government is currently investigating circumstances under which multinational companies are exiting the Ugandan market following the exit of Africell Telecom, Shoprite megastore among others.

The latest multi-national companies to exit the Ugandan market include GAME stores, Africell Telecom, and Shoprite megastore.

All these exited citing shrinking sales and returns or slow growth.

Others that have previously exited include; Pep Stores, Tuskys, Uchumi, Nandos and Nakumatt, Vodafone Uganda, Barclays, Etihad Airline among others.

Ministry of Finance Permanent Secretary, Ramathan Ggoobi said earlier this month that the government had launched an investigation into the mass exodus of foreign big companies from the country.

Ggoobi said that the probe will also aim at finding out whether there is something government can do to avert any other similar exits and whether there are any other regional markets that are taking advantage of the situation