Prime Minister Nabbanja woos UK investors

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The Prime Minister Robinah Nabbanja has invited the Chief Executives of various companies based in the United Kingdom to invest in Uganda.

Nabbanja briefed the investors that Uganda is among the top seven fast-developing economies in the world according to the World Bank and International Monetary Fund (IMF) ranking.

“Let me take this opportunity to invite you to invest in Uganda. By doing so, you will contribute not only to Uganda’s prosperity but also to the growth of the entire East African region. The Government of Uganda remains firmly committed to maintaining a secure, stable, and conducive environment for your investments to thrive,” said Nabbanja.

The premier briefed the investors that the East African Community (EAC) has close to 400 million citizens, with 30% of the people living in urban centres.

“This population represents a big market for your products and services. The combined GDP of the EAC is $312.9 billion, with the size of Uganda’s economy being $61.3 billion, having grown by 15 times from $3.9 billion in 1986, when the current NRM government assumed power,” she noted.

A section of investors attending the meeting in London addressed by the Prime Minister of Uganda Rt Hon. Robinah Nabbanja. (Courtesy)

According to a release from her office, Nabbanja made the remarks on Friday while meeting over 100 chief executives of leading companies globally at Marlborough House, the headquarters of the Commonwealth Secretariat and Commonwealth Foundation in London.

Nabbanja said that Uganda has various investment opportunities in the sectors of Agriculture, Health, education, oil and gas and infrastructure, manufacturing and services, ICT, among others, that can be exploited by the investors.

Nabbanja also told the gathering that the Government currently emphasises investments in Uganda that add value to the products to avoid the export of jobs to enable our country to develop at a faster rate.

Nabbanja briefed the investors that among incentives, she Uganda is one of the best investment destinations in Africa because of the incentives and the conducive investment climate.

“The Government offers Tax incentives to investors who come to our country, free land and other related benefits. Come to Uganda and do business,” said Nabbanja.

She also briefed investors about a bold Tenfold-Growth Strategy with the goal of growing the size of the economy from $61.3 billion to $500 billion by 2040.

The NDP4 will be the first five-year plan to deliver this strategy.

“To achieve this strategy, we have identified four key areas where we need strategic investment. They include Agro-Industrial Development – which is expected to be achieved through commercialising and formalising agriculture, Tourism Development – which will be achieved through increasing tourist inflows fivefold, doubling average spend-per-tourist and average stay-per-tourist, mineral-based Development, including Oil and Gas and Science, Technology and Innovation, including ICT and the Creative Arts.

The CEOs raised a number of issues regarding the investment opportunities in Uganda and how the country has positioned itself to tap into the available investments.

Robert Mukiza, the Director General of Uganda Investment Authority, told CEOs that when they invest in Uganda, they are free to repatriate their profits on top of incentives availed to them by the government.

“We have policies that enable the investors to repatriate his/her profits to any country of choice without any hindrances. When you invest in Uganda, you are sure of making profits,” said Mukiza.

Other engagements:

Nabbanja also held a private meeting with the Chief Executive Officer of Global Health Partnerships, Ben Simms, who discussed the potential of health investment in Uganda to address the challenge of Ugandans seeking specialised treatment from abroad.

The meeting took place at Uganda House, at Trafalgar Square in Central London.

The Premier also met Alvarez & Marsal, a company that helps corporates, boards, private equity firms, law firms, and government agencies drive transformation, mitigate risk and unlock value at every stage of growth.

The Prime Minister is in the United Kingdom for her maiden working visit to promote and market Uganda.

Nabbanja's delegation includes: Ugandan High Commissioner to UK, Mrs Nimisha Jayant Madhvani, the deputy High Commissioner to UK, Philip Rukikaire, Uganda’s military advisor in UK, Brig. Geoffrey Karugaba.