Uganda is a complete investment destination, Tayebwa tells investors
The Deputy Speaker, Thomas Tayebwa has told investors in the United Kingdom that investing in Uganda is a sure deal to the success of their projects because of the prevailing excellent investment environment.
He said the investors are guaranteed of security and a huge return on investment, citing non-tax and tax incentives and a large market from the East African region, Africa and access to free markets in China, Europe and the United States.
Tayebwa was speaking at the Uganda-UK Trade and Investment Summit held in London, United Kingdom.
“If you are producing in Uganda, you sell anywhere in the East African Community duty-free, It is also a get way to the rest of the continent, especially if you' are prepared to benefit from the African Continental Free Trade Area which we believe is going to transform the African continent,” he said.
Tayebwa urged UK investors and businesses to take advantage of Uganda’s profitability by building and locating production facilities in the country.
He said that the Uganda government is now implementing measures including availing efficient, reliable and cheap electricity, faster internet and good infrastructure to ease the cost of doing business.
“We have linked with the rest of the continent and we have built enough human capital to support your investments and now we are looking at investing in them to increase their purchasing power. Fighting poverty is our major strategy,” he added.
Themed, Unlocking Trade, Investment, and Export Potential, the Uganda Convention – UK in its 13th edition seeks to promote trade and investment between Uganda and the United Kingdom.
The event gathered prominent industry leaders, investors, and ministers from the UK and East Africa.
The First Deputy Prime Minister and Minister for East African Community Affairs, Hon. Rebecca Kadaga highlighted investment opportunities available in the country.
She listed tourism and water transport on River Nile and Congo, railway systems to further connect the region among other areas for investment.
“River Nile is an area you can think about working on, especially in areas of tourism and water transport. There are also other transboundary projects such as railways that we can consider partnering together to ease the movement of goods in the East African region,” she said.
Uganda Revenue Authority (URA) Commissioner General, John Rujoki Musinguzi explained a number of exciting tax incentives and non-tax incentives for foreign investors including access to land in the industrial parks, facilitation for infrastructure needs, and policy advocacy for a conducive environment.
Musinguzi told investors that for the customs duties, the exemptions are not just for Uganda but for the East African region.
“The market you are looking at when you think of investing in Uganda is not just a Ugandan market but you are able to sell goods in the East African market and to guarantee that, exemptions are catered for in the East African Community Customs Management Act.,” the URA boss said.
He told investors that for strategic areas such development of industrial parks, VAT is exempted right from the stage of feasibility studies, design, construction, and all the materials used in setting up the industrial park.
The Minister for Gender, Labour and Social Development, Betty Amongi told the investors that Uganda has enough skilled and semi-skilled labour force to fuel their investments.