6,000 jobs created

By David Mugabe

Uganda attracted $806.6m worth of planned investments in the first quarter of 2012. The development is largely attributed to the growing strength of emerging market countries clawing their way here.

A total of 62 projects were licensed, from which UIA expects 6,237 jobs to be created.

Uganda attracted $806.6m worth of planned investments in the first quarter of 2012. The development is largely attributed to the growing strength of emerging market coun­tries clawing their way here.

Announcing the quarter invest­ment figures yesterday, Patrick Bitature, the chairman of the Uganda Investment Author­ity (UIA) said 62 projects were licensed, from which UIA expects 6,237 jobs to be created.

“These (job projections) are arrived by applying due diligence on the projections of the investors on whether their estimates are possible,” said Bitature.

Seven of the top ten sources of foreign direct investments are from the emerging markets who are showing more resilience as Europe and the Americas continue to be battered by the wave of the economic slowdown.

“Uganda’s vast resource avail­ability still makes it an attractive destination,” said Bitature at the media centre.

The countries that have ventured into Uganda include Turkey, Leba­non, Kenya, Pakistan, Trinidad and Tobago and India. Bitature pointed out that Lebanese com­panies registered two projects in the last quarter yet Lebanon has traditionally invested in the trade and services sector.

Ugandans are, however, still the leading investors in the country. The major source of FDI in the past years was UK and China.

Energy and oil and water sector recorded the highest value of planned investment from four projects followed by mining, real estate and business services. The other sectors were forestry, manufacturing, agriculture and consumer goods.

Tom Burunguriza, the UIA acting executive director, said despite World Bank’s global competitive­ness index rankings showing Uganda’s competitiveness had dropped, the country has contin­ued to be the largest destination for FDI in East Africa for the last five years-according to information from the United Nations Confer­ence on Trade and Development (UNCTAD).

UIA is now changing approach, from travelling abroad for image building to wooing investors to come to Uganda and see the op­portunities.

“We are not shifting from good practice to a dead end but to something that will even make Uganda better,” he said. Forty Arab companies have registered for the Gulf Corporation Council taking place from May 28-29.

The GCC countries include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emir­ates. He urged Ugandans to come with ideas for match making and partnerships.