In an engagement between the Head of State House Investors Protection Unit Col Edith Nakalema and SMEs, sector players have decried flaws in taxation and bureaucracy among the many issues that frustrate domestic investors.
These said the same issues are taken advantage of by foreigners who end up creating an impression that Ugandans are unable to invest home.
From the interaction, the local investors expressed dissatisfaction over the manner in which government funds like Covid recovery funds, Parish Development Model and Youth Livelihood Funds among others were distributed, with many missing out.
“Getting money given by government is very hard. For example some of us have not even received the money that was allocated as early as the COVID era,” said Biira Bbosa, the chairman Katwe Small Scale Industries Association.
The local small scale investors also expressed high registration fees, exorbitant taxes and lack of information on how most government agencies operate.
During the meeting, Uganda National Bureau of Standards was tasked to commit itself on making sure the public gets sensitized on how it operates but also avoid frustrating local investors.
Speaking in response to the concerns by SMEs, the head of the State House Investors Protection Unit said boosting domestic investment does not mean that the economy is trying to get rid of foreign investment but rather to extend a chance to domestic investors to tap in the available opportunities for sustainable economic development.
“We need to have a constructive dialogue on interventions that will see domestic investment flourish,” Col Nakalema said.
The Executive Director of the National Planning Authority, Dr.Joseph Muvawala said,“Actually a commitment may not be enough, set KPIs for your workers and let us (with National planning Authority) meet to engage over the matter,” advised Dr Muvawala Joseph, the Executive director, National Planning Authority.
The meeting was organized by the State House Investors Protection Unit to listen to the concerns of the local investors and how they can be assisted for their investments to flourish.
