New World Bank Director Advocates for Simplified Investment Processes in Uganda
Qimiao Fan, the new World Bank Country Director for Uganda, Kenya, Rwanda, and Somalia, called for simplifying investment processes and reducing regulations to enhance business operations, particularly for micro, small, and medium enterprises.
The newly appointed World Bank Country Director for Uganda, Kenya, Rwanda, and Somalia, Qimiao Fan, has urged the simplification of investment processes and reduction of regulations to boost business operations and reduce costs, particularly for micro, small, and medium enterprises (MSMEs), which employ the majority of the workforce.
Fan made this call during his visit to the Uganda Investment Authority (UIA) and related agencies housed at the Uganda Business Facilitation Centre (UBFC) in Kampala.
The UBFC, a government building in Uganda, hosts crucial investment and business-related entities, including the UIA, the Uganda Registration Services Bureau (URSB), the Capital Markets Authority (CMA), and the Presidential CEO Forum. Funded by the World Bank through the Competitiveness and Enterprise Development Project (CEDP), the UBFC aims to enhance the ease of doing business and improve economic competitiveness by providing a one-stop service hub for investors.
Within UBFC, UIA operates the One-Stop Centre for Investors, integrating key agencies such as the Uganda Revenue Authority, Kampala Capital City Authority, National Environment Management Authority, and Uganda National Bureau of Standards, among others, to streamline investment procedures.
In his address, Fan emphasized the need for the Ugandan government to review and update policies and laws that hinder business operations, with a focus on simplifying or eliminating constraints to improve the investment climate.
Highlighting the challenges faced by MSMEs, Fan pointed out that simplifying business processes and lowering costs encourage formalization, fostering economic growth. He noted that the World Bank prioritizes supporting MSMEs, as they are pivotal for economic benefits when their operations are efficient and cost-effective.
URSB Registrar General, Mercy Kainobwisho, expressed gratitude for the World Bank’s support in UBFC’s construction and other transformative business registration initiatives. UIA’s Domestic Investment Division Director, Richard Nuwenyesiga, representing Director General Robert Mukiza, remarked that the World Bank’s support has significantly increased investments, citing that foreign direct investment up to August 2024 reached $3.01 billion. He added that Uganda is reinforcing its status as the premier investment destination in East Africa and beyond.