Uganda: Buganda Signs Investment Deal With UIA

By September 10, 2016Finance

The renewable five-year agreement between UIA and Buganda Investment and Commercial Undertakings Limited (BICUL) will see the two bodies share vital information on how to attract investors.

Katikkiro Charles Peter Mayiga witnessed the MoU signing yesterday at Bulange and commended UIA for helping the kingdom attain development goals. Mayiga noted that more investments create profits, which in the end contribute to the country’s growth through taxes.

He added that Buganda is blessed naturally and businesspeople can succeed in any field they choose to invest in.

“We have an upper hand in education investment, health and the market. If anyone works with us, we can help him/her get a market. We are a bridge and we link the buyer to the businesspeople, this pact is great for Buganda because we will work on all issues affecting our people when we get investors,” said Mayiga

The kingdom’s lucrative investment sectors will also be featured in a profile book by UIA, which will be distributed to interested businesspeople. Dr Frank Sebbowa, the UIA executive director, said although the authority’s mandate is to woo investors from abroad, there is need to convince Ugandans banking their money outside to invest here.

He said the information gathered about Buganda’s investment opportunities will enable investors make the right choices.

“Buganda has many investment sectors that can thrive but are unknown and we will work with BICUL to single out those opportunities and publish them. We want the projects to be known so that we market our products be it for individuals or the kingdom,” said Sebbowa.

UIA has already embarked on profiling investment opportunities nationwide. Having finished Karamoja and Teso sub-regions, the authority is currently documenting Bugisu. The profiles mainly target sectors like tourism, mineral exploration, agriculture and value addition.