'Formulate free trade zone law'
Dec 04, 2008
ALTHOUGH establishing a free trade zone is good, the laws governing its operations need to be formulated to protect the existing investments, state minister for trade Nelson Gaggawala Wambuzi has said.
By Darious Magara
ALTHOUGH establishing a free trade zone is good, the laws governing its operations need to be formulated to protect the existing investments, state minister for trade Nelson Gaggawala Wambuzi has said.
He said consultation by technocrats in the Ministry of Finance and other line ministries must be done to make a comprehensive law that will accommodate trade and investment concerns of the entire East African community.
“A free trade zone should not be created to make a business island that does not relate well with the economic aspects of the East African community states,†Wambuzi said.
He made the remarks on Wednesday while appearing before the Serulanda probe commission at the former Prisons Officers Mess on Buganda Road in Kampala.
The commission was constituted by President Yoweri Museveni to investigate the activities of the Serulanda Spiritual Foundation, a religious sect that is linked to the establishment of a free trade zone on Lake Victoria.
Although the minister expressed lack of knowledge on the existence of free trade zones in the East African region, he said they were of economic benefits in developed countries.
Wambuzi said the economic benefits were the creation of a wider market for local goods and products, job creation and easy access to goods and products.
He said concerns raised about the spiritual foundation were ‘rubbish’, adding that he had no problem with any faith as longer as it did not break the law.
Wambuzi said the leaders of the faith wanted to promote trade and investment that could cause economic development.
The minister also noted that the Rakai district leadership was supportive of the free trade zone plans.
He said the country would develop if the private sector is supported.
ALTHOUGH establishing a free trade zone is good, the laws governing its operations need to be formulated to protect the existing investments, state minister for trade Nelson Gaggawala Wambuzi has said.
He said consultation by technocrats in the Ministry of Finance and other line ministries must be done to make a comprehensive law that will accommodate trade and investment concerns of the entire East African community.
“A free trade zone should not be created to make a business island that does not relate well with the economic aspects of the East African community states,†Wambuzi said.
He made the remarks on Wednesday while appearing before the Serulanda probe commission at the former Prisons Officers Mess on Buganda Road in Kampala.
The commission was constituted by President Yoweri Museveni to investigate the activities of the Serulanda Spiritual Foundation, a religious sect that is linked to the establishment of a free trade zone on Lake Victoria.
Although the minister expressed lack of knowledge on the existence of free trade zones in the East African region, he said they were of economic benefits in developed countries.
Wambuzi said the economic benefits were the creation of a wider market for local goods and products, job creation and easy access to goods and products.
He said concerns raised about the spiritual foundation were ‘rubbish’, adding that he had no problem with any faith as longer as it did not break the law.
Wambuzi said the leaders of the faith wanted to promote trade and investment that could cause economic development.
The minister also noted that the Rakai district leadership was supportive of the free trade zone plans.
He said the country would develop if the private sector is supported.