KAMPALA- The Minister of Finance Planning and Economic Development, Hon Matia Kasaija has warned the Board members against engaging in corrupt practices but should create a conducive environment for investments in Uganda.
While presiding over the inauguration of the new Board of Uganda Investment Authority yesterday October 16th 2024, Minister Kasaija noted that being a member of the Board was a serious role and responsibility to boost industrialization and create jobs for young people because unemployment has become an existential problem.
“The responsibility placed upon you is significant aimed at tackling youth unemployment which is not merely a goal but a necessity for our nation’s future. You must guard against tendencies of corruption,” Kasaija said.
Minister Kasaija also called on the new Board to deal with investors very well and make them their friends instead of repelling them.
“If you mess up things, you will frustrate our quest for full industrialization. I want to hear every investor is being treated humanely and assisted to set up investments and create jobs” The Minister said.
Minister Kasaija highlighted that the current economic climate demands innovative approaches and robust strategies to create sustainable job opportunities for young people and emphasized the importance of cultivating positive relationships with investors.
The Minister thanked the former Board headed by Morrison Rwakakamba for its significant contribution to driving Uganda’s industrialization agenda and urged them to continue sharing ideas and experiences with the new board.
The State Minister for Privatisation and Investment, Hon Evelyn Anite, who attended the event, told the New Board to get to work in earnest and ensure seamless provision of services to investors in order to boost Uganda’s industrialization.
“Be truthful, candid, and don’t fear anybody. My expectation of you is to steer Uganda Investment Authority well and acquaint yourself with the operations and assets of the authority,” Hon Anite said.
Minister Anite, emphasized the Board’s immediate focus on revitalizing the Namanve Industrial Park project, which has encountered delays, saying that the project is crucial for attracting investment and creating jobs, but hastened to say that it is behind schedule and the new team must ensure that investors’ concerns are addressed promptly.
The new chairman, Dr Robert Kyamanywa, emphasized the importance of teamwork, open communication, collaboration, mutual respect, and adherence to institutional policies to enable the smooth running of the authority.
Dr Kyamanywa said Uganda Investment Authority has a very clear mission of promoting, attracting, and retaining value-adding domestic and foreign investments, a challenge that must be dealt with.
“The country is looking at us and at the end of the day we must demonstrate to Ugandans the number of industries and jobs we have created and policy reforms we have championed”, Dr Kyamanywa said.
Dr Kyamanywa reached out to the management and staff of Uganda Investment Authority staff to look at the changes not as a threat but as an opportunity to cultivate common ground, tackle the challenges of investments and move forward.
The outgoing Chairman of Uganda Investment Authority, Morrison Rwakakamba, thanked President Yoweri Museveni for allowing him to serve the country and hailed the collegiality he had with the finance ministry and management and staff of Uganda Investment Authority.
The newly appointed board members include Dr Patrick Wakida, Dr Anna Nakanwagi, Ms Bridget Nambooze Musumba, Ms Namakoye Faith Jullie, John Byaruhanga from the Ministry of Finance, Planning, and Economic Development and the Permanent Secretary of the Ministry of Trade and Cooperatives.
