Budget expected to boost investment - UIA
Jun 23, 2008
THIS year’s budget will boost investment because it has responded to proposals made by the Presidential Investors Roundtable, the Uganda Investment Authority’s (UIA) executive director, Dr. Maggie Kigozi, has predicted.
By David Muwanga
THIS year’s budget will boost investment because it has responded to proposals made by the Presidential Investors Roundtable, the Uganda Investment Authority’s (UIA) executive director, Dr. Maggie Kigozi, has predicted.
“The waiver of taxes on the health and education sectors would lead to an increase in investments in the two sectors,†Kigozi explained.
She said the tourism sector was also a beneficiary because the period for not paying Value Added Tax (VAT) was extended for another year for investors in Kampala and upcountry.
“We expect more projects in the tourism sector, which was also boosted by the exemption of taxes on resident airlines and the increase in support for agro-processors,†Kigozi told reporters at her offices on Lumumba Avenue in Kampala.
She said the budget had also set up a Small and Medium Enterprises (SMEs) agency, which would be located at Enterprise Uganda’s offices in Nakasero to help the firms grow.
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They would benefit from the agency’s entrepreneurship skills training, business support, marketing and technological developments.â€
“The investors are happy with the budgetary proposal to build a highway to Busia-Malaba-Katuna that would ease transport within the region.â€
Kigozi said another item that would boost investment is the sh16b land fund, which would be used to establish investment parks in the districts.
“We have already acquired 162 hectares of land in Mbale and 20 hectares in Mbarara that belonged to Gatsby. We appeal to the authority’s district focus officers to identify land for the parks.â€
“These are in addition to three others that include the Kampala Industrial and Business Park at Namanve, Bweyogerere and Luzira parks. These will enable us to attract more investors and enable SMEs grow.â€
She said the budget allocations would support UIA fulfil its five-year plan, which targets attracting 5,000 investment projects.
THIS year’s budget will boost investment because it has responded to proposals made by the Presidential Investors Roundtable, the Uganda Investment Authority’s (UIA) executive director, Dr. Maggie Kigozi, has predicted.
“The waiver of taxes on the health and education sectors would lead to an increase in investments in the two sectors,†Kigozi explained.
She said the tourism sector was also a beneficiary because the period for not paying Value Added Tax (VAT) was extended for another year for investors in Kampala and upcountry.
“We expect more projects in the tourism sector, which was also boosted by the exemption of taxes on resident airlines and the increase in support for agro-processors,†Kigozi told reporters at her offices on Lumumba Avenue in Kampala.
She said the budget had also set up a Small and Medium Enterprises (SMEs) agency, which would be located at Enterprise Uganda’s offices in Nakasero to help the firms grow.
“
They would benefit from the agency’s entrepreneurship skills training, business support, marketing and technological developments.â€
“The investors are happy with the budgetary proposal to build a highway to Busia-Malaba-Katuna that would ease transport within the region.â€
Kigozi said another item that would boost investment is the sh16b land fund, which would be used to establish investment parks in the districts.
“We have already acquired 162 hectares of land in Mbale and 20 hectares in Mbarara that belonged to Gatsby. We appeal to the authority’s district focus officers to identify land for the parks.â€
“These are in addition to three others that include the Kampala Industrial and Business Park at Namanve, Bweyogerere and Luzira parks. These will enable us to attract more investors and enable SMEs grow.â€
She said the budget allocations would support UIA fulfil its five-year plan, which targets attracting 5,000 investment projects.