Uganda investment up, says Kajara
Jun 30, 2011
UGANDA’s planned investments increased by 5.6% in the last financial year, Aston Kajara, the state minister for privatisation, said yesterday.
By Ibrahim Kasita
UGANDA’s planned investments increased by 5.6% in the last financial year, Aston Kajara, the state minister for privatisation, said yesterday.
He said 337 projects were licensed, with 130,732 planned job opportunities.
Kajara revealed that in the 2009/10 financial year, 340 projects worth $1.55b were sanctioned, with 83,659 planned jobs.
“Projects are still Uganda’s highest source of investment,†Kajara said.
He added that of the 337 projects in the last financial year, 140 were Ugandan.
Kajara said Uganda, East Africa’s third largest economy, was on the edge of economic change after the discovery of sh2.5b barrels of oil in the Lake Albert basin.
He said the highest amount of planned investments were in the electricity and the nascent petroleum industry, with $445m and 75,547 jobs created out of only four projects.
Following closely was the financial, insurance, real estate and business services sector which recorded a planned investment of $432m and 15,927 jobs created.
The agriculture sector, which contributes over 60% of Uganda’s livelihood, attracted only 47 projects with a total investment of $280m and14,000 jobs.
“While the figures are impressive, we need to emphasise the issue of job creation and adherence to the objectives of the National Development Plan,†Kajara said.
He said with over 30,000 graduates coming out of universities every year, there was need to put emphasis on vocational training and entrepreneurship skills.
The 2009 private sector investment strategy revealed that net employment increased by 5.3% from 11,791 jobs four years ago to 127,589 by June 2009.
Meanwhile, the minister revealed that a new study funded by the European Union is underway aiming at assessing the actual value of investment and employment generated since the establishment of Uganda Investment Authority in 1991.
The main objective of the study will be to assess the operational status of licensed porjects, the actual levels of employment and the sectoral problems faced by companies, with the view to providing the necessary policy interventions to resolve them.
Kajara said government focuses on strategic interventions “to accelerate economic growth and create more employment with the objective of transforming Uganda’s socio economy into a prosperous one.â€
UGANDA’s planned investments increased by 5.6% in the last financial year, Aston Kajara, the state minister for privatisation, said yesterday.
He said 337 projects were licensed, with 130,732 planned job opportunities.
Kajara revealed that in the 2009/10 financial year, 340 projects worth $1.55b were sanctioned, with 83,659 planned jobs.
“Projects are still Uganda’s highest source of investment,†Kajara said.
He added that of the 337 projects in the last financial year, 140 were Ugandan.
Kajara said Uganda, East Africa’s third largest economy, was on the edge of economic change after the discovery of sh2.5b barrels of oil in the Lake Albert basin.
He said the highest amount of planned investments were in the electricity and the nascent petroleum industry, with $445m and 75,547 jobs created out of only four projects.
Following closely was the financial, insurance, real estate and business services sector which recorded a planned investment of $432m and 15,927 jobs created.
The agriculture sector, which contributes over 60% of Uganda’s livelihood, attracted only 47 projects with a total investment of $280m and14,000 jobs.
“While the figures are impressive, we need to emphasise the issue of job creation and adherence to the objectives of the National Development Plan,†Kajara said.
He said with over 30,000 graduates coming out of universities every year, there was need to put emphasis on vocational training and entrepreneurship skills.
The 2009 private sector investment strategy revealed that net employment increased by 5.3% from 11,791 jobs four years ago to 127,589 by June 2009.
Meanwhile, the minister revealed that a new study funded by the European Union is underway aiming at assessing the actual value of investment and employment generated since the establishment of Uganda Investment Authority in 1991.
The main objective of the study will be to assess the operational status of licensed porjects, the actual levels of employment and the sectoral problems faced by companies, with the view to providing the necessary policy interventions to resolve them.
Kajara said government focuses on strategic interventions “to accelerate economic growth and create more employment with the objective of transforming Uganda’s socio economy into a prosperous one.â€