Finance Minister Henry Musasizi has urged the Uganda Investment Authority (UIA) to focus on attracting investments that create jobs, increase production and deliver tangible economic benefits to Ugandans.
Minister Musasizi made the remarks on Thursday during an entry meeting with the UIA board, led by its chairperson, Dr Robert Kyamanywa, and attended by the Minister of State for Privatisation and Investment, Amina Mukalazi.
He said investment should go beyond issuing licences and announcing investment figures to delivering employment, value addition, increased production and greater participation of Ugandans in the economy.
Minister Musasizi said the focus should be aligned with the Government’s Ten-Fold Growth Strategy, which seeks to accelerate economic transformation and industrialisation.
Dr Kyamanywa said UIA had strengthened its focus on domestic investment by mobilising and profiling investment opportunities in areas such as Greater Masaka and Gulu to encourage Ugandans to venture into manufacturing and value addition.
He said the authority had also improved investor facilitation, with investment licences now processed within 24 hours, compared with the previous 48-hour target. The authority aims to reduce the processing time to less than 20 hours where possible.
The board also outlined plans to expand industrial parks while addressing challenges affecting investors, including land titling, road infrastructure, electricity costs, water and wastewater systems.
It also cited challenges at the Namanve wastewater treatment plant and called for improved digital systems and an electronic database to strengthen investment management and investor services.
Mukalazi urged UIA to strengthen investor aftercare by maintaining contact with businesses after issuing licences, understanding their challenges and supporting them to expand and create more jobs.
She also called for one-stop investment centres to be fully operational and provide meaningful services to investors.
The meeting underscored the need for Uganda’s investment drive to translate into jobs, local content, manufacturing, exports and value addition rather than remain at the level of investment commitments.
Minister Musasizi said productive investments would be critical to driving industrialisation, economic transformation and inclusive growth.
