The Permanent Secretary and Secretary to the Treasury (PSST), Dr. Ramathan Ggoobi, has reaffirmed the Government’s commitment to supporting industrialisation, private sector investment and job creation as part of efforts to transform Uganda’s economy.
Ggoobi said the Government, through the Tenfold Growth Strategy, is targeting a $500 billion economy by 2040.
He made the remarks while visiting Staunch Machinery Factory at the Kampala Industrial and Business Park in Namanve. He was accompanied by the Acting Director of Economic Affairs, Moses Kaggwa, and other government officials.
Staunch Machinery Company was established by Mohammed Khoder Hussein, who also serves as its Chief Executive Officer and Uganda’s Honorary Consul to Lebanon.
The company manufactures agricultural equipment, power generators, medical refrigeration and cooling equipment, office and accommodation units, as well as construction machinery.
Ggoobi commended the company for contributing to Uganda’s industrialisation agenda through the production of tractors, construction equipment and energy solutions that support agriculture, construction and public service delivery.
He encouraged the company to expand its operations and called upon investors from Lebanon and other parts of the world to take advantage of Uganda’s investment opportunities.
Ggoobi said Uganda offers a favourable investment climate supported by political and economic stability, liberalised markets and attractive returns on investment.
He added that investors are free to conduct business, access foreign exchange and repatriate their profits, while also benefiting from a range of tax and non-tax incentives.
The PSST, however, acknowledged feedback from the company on challenges affecting the implementation of some investment incentives, particularly those related to taxation, and said such concerns should be addressed.
Mohammed, who shared his 15-year experience of investing in Uganda, said he had also encouraged several investors from Lebanon and other countries to explore opportunities in Uganda, citing the country’s favourable investment environment.
