UIA launches Rwenzori investment profiles

The Uganda Investment Authority (UIA) together with Operation Wealth Creation (OWC) have developed the Rwenzori Investment Profiles.

The profiles are aimed at publicising the vast investment opportunities in the Rwenzori Region in western Uganda to both domestic and foreign investors.

The profiles cover the districts of Bundibugyo, Bunyangabu, Kabarole, Kamwenge, Kasese, Kyegegwa, Kyenjojo, Kitagwenda, Ntoroko and Fort Portal.

The profiles focus on five sectors namely: agriculture, tourism, infrastructure and services, minerals and extractives and human capital development.

Vice President, Edward Ssekandi, said the development of the profiles is the first of many steps aimed at attracting investment projects and equitably distributed throughout Uganda.

Ssekandi who represented President Yoweri Museveni said the Government has done a lot to create an enabling and conducive environment for investment and doing business, adding that focus is on agro-industrialisation and diversification of manufacturing industries for high quality and high value exports.

The minister of finance, planning and economic development, Matia Kasaija, said Uganda is open for business and that the profiles will enable potential investors make the right investment decisions.

Kasaija said such investment profiles should be developed for all regions of Uganda starting with Busoga in Eastern Uganda.

The minister of trade, industry and cooperatives, Amelia Kyambadde, said the profiles will open up the Rwenzori region for investment and trade.

She added that Uganda Investment Authority should spread its investment promotion efforts into the East African Community and Africa.

The state minister for privatisation and investment, Evelyn Anite, said the development of 27 industrial and business parks will significantly contribute to the industrialisation of the country.

The United Nations Resident Coordinator in Uganda, Rosa Malango, said that the United Nations believes the transformative Rwenzori the Agro-industrialization for Local Economic Development (Agri-LED ) is an innovative approach that aims to spur the region's development.

The approach targets the vulnerable women and youth and establishes clear links between communities, infrastructure and development.

Malango said the approach aims exploiting the region's economic potential while protecting the environment and improving the quality of life of the people.

"Agri-LED provides us with an opportunity to join the journey to the transformation of Rwenzori sub-region from a hotbed of conflict to an inspirational trans boundary economic zone," Malango said.

Uganda Investment Authority's acting director general Lawrence Byensi said the profiles have the potential of opening up Rwenzori region for significant investments.

"The partnership that has been built with key stakeholders in enhancing our promotional efforts in different parts of the country in the recent past will be maintained during the financial year 2020/21 and beyond," Byensi said.

The deputy chief coordinator of Operation Wealth Creation, Maj. Gen. Charles Angina, said the idea of agro-industrialisation for local economic development, which is being piloted in Rwenzori, will be rolled out throughout the country.

The profiles also build on the first Rwenzori Investment Expo (RIEX) held from January 30 to 31, 2020 at the Mountains of the Moon University in Fort Portal City under the theme "Investment for Local Economic Development".