The State House Investors Protection Unit (SHIPU) has conducted a stakeholders consultation meeting on the minimum capital requirements for investment licensing in Uganda.
Thank you for reading this post, don't forget to subscribe!During the meeting held at the State House Investors Protection Unit Offices, the unit head, Col. Edith Nakalema said SHIPU noted that there was a gap in having a clear investment policy after receiving a lot of concern from the business community and government agencies.
“But ALP Advocates helped us as the State House Investors Protection Unit to put together our thoughts and concerns that we gathered from Investors and traders at all levels,” Col. Nakalema said.
“The objective of this engagement is to review and deliberate upon the proposed policy paper on minimum capital requirements for investment licensing in Uganda because our main work is to coordinate with all government Ministries, agencies and departments as well as the private sector to ensure that we have a thriving investment climate in this country,” she added.
“How best can the Minimum Capital Investment Requirements benefit all businesses to thrive in the existing environment? The Minimum Capital Investment Requirements should support all businesses at whatever level,” Col. Nakalema said.
Col. Nakalema decried the inefficiency of the Small Business Recovery fund and the Agricultural Credit Facility programs which are meant to revive and support businesses of Ugandans.
“The initiatives have not been publicised well. People even come to us asking about it. I have been in constant touch with Mr. Richard Byarugaba, the Director of Finance at Bank of Uganda. The conditions to get that fund are still a constraint to the would-be beneficiaries,” she said.
Francis Gimara, the Head of ALP Advocates said he was happy to work with SHIPU to support many businesses in Uganda.
“When the private sector is enhanced, then all of us win. We need more of these conversations to increase domestic and foreign investments, to increase partnerships that are geared towards growing the national purse and as well to appeal to Foreign Direct Investments (FDIs) as much as we can,” he said.
The Director Economic Affairs, Ministry of Finance, Planning and Economic Development, Moses Kaggwa said the government is focused on how to promote investments in the country and it has put in place several avenues to achieve the goal.
“As the government we are thinking that we need to grow this economy 10-folds in 10 years. What should we do? We are focusing on Agro-Industrialisation as one of the game changers and adding value to everything that we are producing. We are also looking at tourism, mineral development including oil and gas, services and knowledge-based industry,” he said.
Dr. Ezra Muhumuza, the Executive Director of Uganda Manufacturers Association (UMA) called for a review of the current investment regime saying it does not favour domestic investors.
“The Uganda Investment Authority (UIA) ought to go back and create a regime with a comparative advantage to Ugandans to help us flourish,” he said.
Dr. Henry Onoria, a Knowledge Partner at ALP Advocates presented a paper on Uganda Investment Licensing policy (UILP). He said the policy is mothered under the Investment Code Act (CA 2019) focuses on the aspects of Minimum Investment Capital Requirements (MICR), investment coordination, registration and incentives.