NEWS- President Yoweri Kaguta Museveni has made it categorically clear that investors both foreign and local will get support from the government in order to produce products from the locally available raw material and sell them in the expanding regional markets.
The President therefore asked the Minister of Trade, Industry and Cooperatives to make a detailed assessment of these prospects and ensure that they get the support they need through the line Ministry of Investment and Privatisation to steer socio-economic transformation agenda.
“The Ministry of Trade, Industry and Cooperatives should capture information of all these people so that we give them support because these are not very difficult to support,” President Museveni said.
President spent the entire Wednesday November 29th 2023 at Kololo Independence Grounds listening to the investors’ wooes at the first ever Presidential Investors Conference.
The Conference was organised by Uganda Investment Authority in conjuction with State House and the Ministry of Finance Planning and Economic Development which the enabled the to meet face to face with investors from across Uganda who operate from several sectors such as agriculture and value addition, manufacturing, services and ICT.
During the One-of-a-Kind Investors conference, the President and the participants discussed pertinent issues aimed at boosting investments in the country where he said that raw materials from commercial agriculture which is the major occupation for Ugandans will turn around their lives.
President Museveni singled out the processing like milk, fruits and fish which he said have ready markets in the region on top of coffee, cereals like maize, cassava, bananas, Irish potatoes, cotton, beef, milk and leather. The President reaffirmed that the investors especially in the commercial agriculture sector have potential to develop and the government is willing to help them achieve their goal.
“As long as they can prove to you as the Industry Ministry that they have the market where to sell these products, we can plan to support them. And even if we don’t have enough money, we can support them in part because these people are ready to add value”, He said.
President Museveni therefore directed the Minister of State for Industry, Hon David Bahati who attended the conference to get a list of investors especially in the milk, fruit and fisheries sectors so that the government can see a way to support them.
“What I would like to advise is that don’t underlook what you are doing, take these products like milk as cash products. With the milk now, the whole chain is organised. Similarly, if it is like fruits, we are also sure that even with one acre you can get Ugx 60m each year. Therefore, that chain should be completely linked. The factory should be linked with farming so that the factory has got enough raw materials and the farmers have enough money”, He said.
President Museveni also disclosed that the government in one year has injected US 230 million dollars in Uganda Development Bank to help investors who need support and therefore the problem is not money, and when the investors are organised the production and marketing linkage becomes easy.
“Now, once you handle the issue of money, then the other issue is infrastructure. The government is handling that. When we finish infrastructure, then we focus on the market. The Ugandan and East African Community market is there and that of Africa, even that outside Africa.”
President Museveni reminded the investors to take advantage of the 25 Industrial Parks which have been established across the country to set up factories because industrial park land is available free of charge so long as all requirements are fulfilled. While speaking at the same event, the Minister of Finance, Planning and Economic Development, Hon Matia Kasaija thanked President Museveni for spearheading Uganda economic development amidst global challenges occasioned by Covid-19, the war in Ukraine, the floods in some parts of the country among other shocks that have strained the economic flow.
He also informed the President that the Presidential Investors Conference is aimed at discussing and finding solutions to the challenges of doing business in Uganda and the region.
“Your Excellency, the government has undertaken significant reforms to streamline processes and reduce bureaucratic hurdles and our goal is to make it easier for investors to set up and operate their businesses in Uganda,” Hon. Kasaija said.
Minister Kasaija said that Uganda Investment Authority One Stop Center has become a testimony and it serves as a single point of contact for all agencies that promote investment in the country by ensuring the smooth swift process of reegistring businesses for investors and is designed to facilitate a seamless experience for investors providing a range of services under one roof.
“Whether it is a company registration, tax permits for environmental impact assessment or work permits, our team at the one stop center is here to assist you at every step. This approach saves time and reduces the cost of doing business, thus making Uganda an attractive destination for investments.” He said.
The Minister added that apart from the one stop center at Uganda Investment Authority, the Ministry of Trade has also approved a series of approaches to improve the business climate in Uganda like simplifying tax procedures, enhancing infrastructure like electricity and investment in human capital development.
The Minister of State for Investment and Privatisation, Hon Evelyn Anite noted that the conference is meant to help resolve the challenges affecting the investors in the country. Minister Anite thanked the President for giving the Investors Conference a nod by allowing them to continue with the program always listen to the challenges of the investors which the President named Baraza, which will be a sure way to make presentations and answer some of the issues the investors had raised to the government.
The conference was also attended by the Minister of Justice and Constitutional Affairs, Hon Norbert Mao, the Minister of Internal Affairs, Maj Gen Kahinda Otafiire, The Minister of Lands Hon Judith Nabakooba, the Minister of State for ICT Hon Joyce Ssebugwawo, the Minister of State for Energy Hon Okasai, the Chairman of Uganda Investment Authority Morrison Rwakakamba, the Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, Ramathan Ggoobi, the Uganda Revenue Authority (URA) Commissioner General, John Musinguzi Rujoki, Participating Agencies and Departments, foreign and local investors.
