Expo 2020 Dubai: UIA Board Chairman Makes a Compelling Case to Investors

UIA Board Chairman Morrison Rwakakamba spoke at the Expo 2020 Dubai on March 26 in presence of investors from different countries and highlighted why they should pick interest in Uganda.

Below is the speech:

On behalf of the Uganda Investment Authority (UIA), I thank... the government of Uganda for successfully participating in the Expo 2020 Dubai.

This Expo signifies Uganda’s commitment to private sector development and indicates the renewed focus to further increase the promotion of Uganda’s abundant investment potential.

During the Expo, the UIA and the government of Uganda represented by the Uganda Embassy has concluded investments worth USD2 billion. Our plug-and-play bankable projects with clear return on investment calculations are available with our team here – and on our website.

These investments have targeted the following areas: Agriculture sector specifically agro-processing, Mining (Gold and other minerals), Renewable energy, Pharmaceuticals and Industrial Parks development. Our valued investors begin their journey by applying for and being issued with an investment license.

Through this license, investors gain access to incentives to assist them commence operations in the county. They include the provision of land in serviced industrial parks, generous and competitive tax incentives and coordinated institutional support from over 13 government agencies at UIA’s One Stop Centre.

In the coming months, UIA will remain focused on meeting our target of USD 5bn in the new investments.

Investment in Uganda is attractive because of the growing internal market of nearly 45 million people, strategically located in the heart of Africa, with a combined market population of over 700 million in the East African Community, and Comesa Region.

Recently, the EAC welcomed the DRC into its growing family, giving investors in Uganda access to new markets and opportunities for growth.

Uganda has also ratified  African Continental Free Trade Area, removing barriers to inter -and intra-Africa trade.

This large continental market access is supported by access to external markets under special agreements with over 6000 products eligible for US markets under Africa Growth and Opportunities Act, and Quota free and tax-free access to all products into the European Union under EBA(Everything else except Arms).

I would like to report that Uganda recently signed over USD 10bn worth of investment for commercializing of Oil and Gas further cementing Uganda’s reputation as one of the most attractive investment destinations in the world.

Uganda is the right place and this is the right time to invest.

Uganda is an open economy, where all sectors are liberalized for investment, investors are free to bring into the country capital and can wholly or jointly own investment projects.

Uganda is enriched with a competitive tax incentive regime. The key incentives include:

1. The 10-year tax holiday for investors; tAgriculture sector (both commercial and value addition sector), the developers and operators in the Industrial Parks, manufactures who export 80% of their production outside the domestic market (i.e. outside the East African Community market),
2. Import duty exemptions on plant and machinery,
3. Free land for investors in Industrial Parks that now span over 12 Square miles.
4. 100% allowable expenditure on training
5. 100% allowable expenditure in research and development.
6. Uganda if fully peaceful and secure – border to border

We are guided by the triple-bottom-line of People, Profit and Planet.

On behalf of Uganda Investment Authority, allow me to thank you for accepting to be part of this event and you are welcome to visit and invest in Uganda.

God bless you and happy deliberations.