Business
Foreign investment capital remains at $100,000
Publish Date: Jan 11, 2014
Foreign investment capital remains at $100,000
  • mail
  • img
newvision

By Patrick Jaramogi

THE Uganda Investment Authority (UIA) will not increase the threshold required for foreign investors despite outcries from local business entities, UIA boss disclosed recently.

Currently foreign investors are required to invest in the country if they have a capital worth $100,000 (sh250m).

The Kampala City Traders Association (KACITA) have expressed concerns that the threshold is way below that required by other East African partner states which stands at $500,000.

While responding to the demands, Frank Sebowa, the UIA executive director, noted that increasing the threshold would scare away investors.

“Increasing to $500,000 is not viable because it will increase the cost of doing business,” said Sebowa in a speech read for him by Samali Mukyala, the senior legal investment officer.

Mukyala noted that increasing the threshold would be prohibitive yet the mandate of the authority is to promote investment.

She read the speech at a recent symposium on foreign direct investment for Kenya, Rwanda and Burundi.

Mukyala added that UIA is in the process of reducing on the cases of investors spending months chasing operation licences.

“We are going to reduce the time spent to get an investment license to two days by creating a one-stop centre at UIA,” Mukyala said.

“We shall have licensing agencies such as the Citizenship and Immigration Control office and land offices all housed in one place,” she said. 

The one stop centre will offer investment services to both local and foreign investors.

However, Rashid Kimbowa, the commissioner economic affairs in the East African Community Affairs ministry notes that the intra-EAC trade still remains low.

Kibowa notes that much as the one-stop centre will ease investment licensing, more efforts should be geared towards boosting intra-trade within the EAC states.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Amazing tomato numbers in the Netherlands
The tomato is the commonest, unavoidable vegetable in the world. This is because for every meal, there is a tomato....
Fruit farmers advised on large market to boost income
Fruit farmers have been advised to take advantage of the available market both local and international to boost income....
SA braces for economic backlash from xenophobic attacks
A wave of xenophobic attacks in South Africa could provoke reprisals from neighbouring countries, raising concerns among South African business leaders and officials....
‘If your absence doesn
Last night, over 200 marketers across the divide gathered at Silver Springs, Bugolobi and took notes from keynote speakers who took to the podium....
Ugandans in America want government to streamline investment policies
Ugandans living in America want clear government policies and guidelines on how they can invest in their own country....
Crest Foam factory re-opens
Government has allowed Crest Foam mattress factory to re-open. The factory was closed on March 9 following a fire that left 6 people dead and property worthy sh6b destroyed....
Do you support KCCA'S move to return city communter buses?
Yes
No
Can't Say
follow us
subscribe to our news letter