Investment office for Diaspora due
Dec 30, 2009
THE Government is to establish a Diaspora department in the foreign affairs ministry to handle issues related to investment of Ugandans working abroad, but willing to invest in the country.
By David Ssempijja
THE Government is to establish a Diaspora department in the foreign affairs ministry to handle issues related to investment of Ugandans working abroad, but willing to invest in the country.
The development comes in response to the impressive remittances the nation receives from Ugandans in the Diaspora. It is also aimed at attracting Ugandans working abroad to invest home.
Okello Oryem, the foreign affairs state minister, pointed out that the ministry currently handles issues of the Diaspora fraternity through the Diaspora service unit.
“A department fully dedicated to Diaspora investment issues among others, underscores the value the Government attaches to the contribution of Ugandans abroad to the development of our economy,†he said.
Oryem was opening the third annual Ugandan Diaspora ‘Home is Best’ summit at Hotel Africana in Kampala on Tuesday.
The summit was organised by the Uganda Investment Authority (UIA) with support from dfcu Bank, Roofings, Hotel Africana and the Daily Monitor.
The summit allows Ugandans in the Diaspora to express ideas on the development of policies and the regulatory framework regarding the business environment in the country. It also gives them an opportunity to review their investments at home.
Remittances from the Diaspora to Uganda have been growing over the years, from $546.36m (over sh143b) in 2007 to $745m in 2009.
Oryem revealed that the United Nations Development Programme and the World Bank were providing financial and technical support towards the project.
The department will tackle issues like land acquisition, taxation, immigration procedures and networking with Ugandan embassies.
Maggie Kigozi, the UIA chief, encouraged the participants to tap into the available investment opportunities in the country instead of running businesses in the West where the factors of production are higher.
“Investing in Uganda is lucrative because we rank high in investor confidence on the African scale. Our policies enable businesses to maximise returns.â€
Uganda has close to a million people working abroad including those in Africa.
Bati Kawooya, the head of Diaspora Service Division in the Ministry of Foreign Affairs said in an interview that a team working on the establishment of the Department in question has leant many lessons from countries that have succeeded in attracting diaspora home investments.
“We visited countries like Ghana, Ethiopia, Nigeria and India to borrow a leaf on how they have been able to persuade their overseas citizens to establish investments back home, we are also optimistic of the success of this initiative†Kawooya said.
Kawooya revealed that a consultancy firm has already been contracted to design a website that is expected to serve as database and an interactive platform between the department managers and people in the diaspora.
Dr. Maggie Kigozi, the Executive Director for UIA encouraged participants to tap into the available investment opportunities in Uganda instead of running businesses in the west where the factor of production are higher.
“Investing in Uganda today stands as one of the most lucrative deals because we rank high in investor confidence onto the African scale, we have policies enabling maximise returns,†She said
Uganda has close to a million people working abroad including those in Africa.
THE Government is to establish a Diaspora department in the foreign affairs ministry to handle issues related to investment of Ugandans working abroad, but willing to invest in the country.
The development comes in response to the impressive remittances the nation receives from Ugandans in the Diaspora. It is also aimed at attracting Ugandans working abroad to invest home.
Okello Oryem, the foreign affairs state minister, pointed out that the ministry currently handles issues of the Diaspora fraternity through the Diaspora service unit.
“A department fully dedicated to Diaspora investment issues among others, underscores the value the Government attaches to the contribution of Ugandans abroad to the development of our economy,†he said.
Oryem was opening the third annual Ugandan Diaspora ‘Home is Best’ summit at Hotel Africana in Kampala on Tuesday.
The summit was organised by the Uganda Investment Authority (UIA) with support from dfcu Bank, Roofings, Hotel Africana and the Daily Monitor.
The summit allows Ugandans in the Diaspora to express ideas on the development of policies and the regulatory framework regarding the business environment in the country. It also gives them an opportunity to review their investments at home.
Remittances from the Diaspora to Uganda have been growing over the years, from $546.36m (over sh143b) in 2007 to $745m in 2009.
Oryem revealed that the United Nations Development Programme and the World Bank were providing financial and technical support towards the project.
The department will tackle issues like land acquisition, taxation, immigration procedures and networking with Ugandan embassies.
Maggie Kigozi, the UIA chief, encouraged the participants to tap into the available investment opportunities in the country instead of running businesses in the West where the factors of production are higher.
“Investing in Uganda is lucrative because we rank high in investor confidence on the African scale. Our policies enable businesses to maximise returns.â€
Uganda has close to a million people working abroad including those in Africa.
Bati Kawooya, the head of Diaspora Service Division in the Ministry of Foreign Affairs said in an interview that a team working on the establishment of the Department in question has leant many lessons from countries that have succeeded in attracting diaspora home investments.
“We visited countries like Ghana, Ethiopia, Nigeria and India to borrow a leaf on how they have been able to persuade their overseas citizens to establish investments back home, we are also optimistic of the success of this initiative†Kawooya said.
Kawooya revealed that a consultancy firm has already been contracted to design a website that is expected to serve as database and an interactive platform between the department managers and people in the diaspora.
Dr. Maggie Kigozi, the Executive Director for UIA encouraged participants to tap into the available investment opportunities in Uganda instead of running businesses in the west where the factor of production are higher.
“Investing in Uganda today stands as one of the most lucrative deals because we rank high in investor confidence onto the African scale, we have policies enabling maximise returns,†She said
Uganda has close to a million people working abroad including those in Africa.