12,000 new jobs
Apr 04, 2007
INVESTMENTS in Uganda almost quadrupled in the first quarter of this year compared to last year, while the number of jobs to be created doubled.
By Cyprian Musoke
INVESTMENTS in Uganda almost quadrupled in the first quarter of this year compared to last year, while the number of jobs to be created doubled.
The Ugandan Investment Authority yesterday announced it registered $525m (about sh960b) in planned investment between January and March 2007, compared with $162m in the same period in 2006. It licensed a total of 85 new projects, expected to create 11,906 jobs, compared with only 69 projects creating 5,502 jobs last year.
“Out of this, $314.7m will come from Uganda and some joint ventures, while $210.6m has been planned to come from foreign direct investment,†said board chairman Patrick Bitature, while launching the quarterly findings together with the executive director, Dr. Maggie Kigozi.
He attributed the improvement to increased confidence of foreign and local investors in the current investment climate.
“Ugandans will recall that in the first quarter of 2006, the country was going through a political transition. In this quarter we are more stable despite the few challenges we have in the provision of power and land for increased investment,†Bitature said.
The manufacturing sector tops in terms of projects. Out of the 85 new projects licensed, 32 are in the manufacturing sector. In terms of value, the construction sector has the highest planned investment, or $138m.
Among foreign investors, India scored the highest with planned investments worth $78.1m, followed by Germany ($21.7m), the UK ($16.7m), the USA ($16m), Sri Lanka ($11.1m), Nigeria ($9.01m), the Czech Republic ($8.5m), Israel ($8.5m) and Kenya ($7.6m).
Bitature said he was confident that the trend would continue as a result of the Commonwealth Heads of Governments’ meeting, to be held in Kampala later this year. “The CHOGM business forum, which is planned to host 600 business people, is a potential big boost to expected foreign direct investment inflows after business deals are stimulated and concluded,†he said.
Answering questions from journalists about the planned degazetting of Mabira Forest, Kigozi thought it wise for the Government to listen to the people’s views.
“The people have given their views and it is dangerous not to take them seriously.â€
Whereas Mabira was better left the way it is for ecological purposes, she stressed that SCOUL was a big investor and a win-win situation should therefore be found.
“There is need to utilise the out-growers scheme, as is the case with Kinyara,†she commented. “If you need more sugarcane, out-growers can plant more. Also the Kabaka (King of Buganda) has offered alternative land and the Government needs to be more responsive.â€
INVESTMENTS in Uganda almost quadrupled in the first quarter of this year compared to last year, while the number of jobs to be created doubled.
The Ugandan Investment Authority yesterday announced it registered $525m (about sh960b) in planned investment between January and March 2007, compared with $162m in the same period in 2006. It licensed a total of 85 new projects, expected to create 11,906 jobs, compared with only 69 projects creating 5,502 jobs last year.
“Out of this, $314.7m will come from Uganda and some joint ventures, while $210.6m has been planned to come from foreign direct investment,†said board chairman Patrick Bitature, while launching the quarterly findings together with the executive director, Dr. Maggie Kigozi.
He attributed the improvement to increased confidence of foreign and local investors in the current investment climate.
“Ugandans will recall that in the first quarter of 2006, the country was going through a political transition. In this quarter we are more stable despite the few challenges we have in the provision of power and land for increased investment,†Bitature said.
The manufacturing sector tops in terms of projects. Out of the 85 new projects licensed, 32 are in the manufacturing sector. In terms of value, the construction sector has the highest planned investment, or $138m.
Among foreign investors, India scored the highest with planned investments worth $78.1m, followed by Germany ($21.7m), the UK ($16.7m), the USA ($16m), Sri Lanka ($11.1m), Nigeria ($9.01m), the Czech Republic ($8.5m), Israel ($8.5m) and Kenya ($7.6m).
Bitature said he was confident that the trend would continue as a result of the Commonwealth Heads of Governments’ meeting, to be held in Kampala later this year. “The CHOGM business forum, which is planned to host 600 business people, is a potential big boost to expected foreign direct investment inflows after business deals are stimulated and concluded,†he said.
Answering questions from journalists about the planned degazetting of Mabira Forest, Kigozi thought it wise for the Government to listen to the people’s views.
“The people have given their views and it is dangerous not to take them seriously.â€
Whereas Mabira was better left the way it is for ecological purposes, she stressed that SCOUL was a big investor and a win-win situation should therefore be found.
“There is need to utilise the out-growers scheme, as is the case with Kinyara,†she commented. “If you need more sugarcane, out-growers can plant more. Also the Kabaka (King of Buganda) has offered alternative land and the Government needs to be more responsive.â€