Justice Minister Mao Underlines URSB’s Key Role in Attracting Foreign Investment
While praising the country's progress, Mao expressed concern about Uganda’s economic strategy, which he described as overly reliant on borrowing.
During yesterday’s Business and Innovation Forum for commercial attachés in Uganda, Norbert Mao, the Minister of Justice and Constitutional Affairs, highlighted the growing appeal of Uganda’s business environment, with a particular focus on the Uganda Registration Services Bureau's (URSB) one-stop centre as a crucial factor in attracting foreign direct investment.
The forum, which brought together foreign diplomats, ministers, URSB board members, and government officials, was aimed at showcasing URSB’s reforms and innovations, engaging the diplomatic community, and promoting Uganda as a prime investment destination.
Minister Mao began his speech by pointing out that many positive developments in Uganda are not receiving enough attention.
He specifically mentioned that Uganda now offers some of the easiest business registration processes in East Africa, largely due to the one-stop centre that integrates immigration, work permits, business registration, and tax services.
This streamlined approach has significantly alleviated the frustrations foreign investors previously encountered.
While praising the country's progress, Mao expressed concern about Uganda’s economic strategy, which he described as overly reliant on borrowing.
"Eventually, as a borrower, you end up belonging to the lender," he warned, advocating for more foreign direct investment as a sustainable alternative to loans.
The Minister also highlighted Uganda’s recent removal from the international financial "grey list," a development that has improved the country’s borrowing conditions and boosted investor confidence.
He acknowledged the ongoing diplomatic challenges with the European Union and the United States regarding human rights but emphasised the importance of maintaining progress in other areas.
In his remarks, Mao also praised URSB for its leading role in intellectual property registration, noting that the agency has processed 2,700 trademarks and 100 copyrights.
He called URSB "the number one performing agency in Uganda," acknowledging its significant contribution to the country’s economic growth.
The Minister concluded by reaffirming his commitment to supporting innovation, mentioning the newly launched innovation hubs and the potential for partnerships aimed at reducing transportation costs through increased investment in manufacturing.
