Tayebwa sells Uganda as a premier investment destination

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Deputy Speaker of Parliament, Thomas Tayebwa, addressed investors in the United Kingdom, highlighting Uganda as a prime location to ensure the success of their projects due to its exceptional investment environment.

Parliament Deputy Speaker (R) addresses some of the attendees at the 13th UK-Uganda Investment and Trade Summit in London on September 8, 2023.

Tayebwa emphasised the guaranteed security and substantial returns on investment, citing both non-tax and tax incentives, as well as access to extensive markets in the East African region, Africa, China, Europe, and the United States.

Speaking at the Uganda-UK Trade and Investment Summit held in the United Kingdom, Tayebwa stressed that producing in Uganda allows for duty-free sales within the East African Community while also providing a gateway to the rest of the continent, especially with the upcoming African Continental Free Trade Area.

He urged UK investors and businesses to take advantage of Uganda’s profitability by establishing production facilities in the country.

Tayebwa emphasised that the Ugandan government is actively implementing measures to facilitate the cost of doing business, including affordable and reliable electricity, high-speed internet, and robust infrastructure.

Efforts have also been made to connect Uganda with the rest of the continent, complemented by the development of human capital to support investments and enhance purchasing power in the country.

The Ugandan convention-UK in its 13th edition, themed “Unlocking Trade, Investment, and Export Potential,” aims to promote trade and investment between Uganda and the United Kingdom.

The event brought together industry leaders, investors, and ministers from both the UK and East Africa to forge new business deals, invest in viable projects, and strengthen economic relationships within the East African Community.

Rebecca Kadaga, Uganda’s 1st Deputy Prime Minister and Minister for East African Community Affairs, highlighted various investment opportunities available in the country, including tourism, water transport along the River Nile and River Congo, as well as the development of railway systems to enhance regional connectivity.

Mr. John Rujoki Musinguzi, Uganda Revenue Authority (URA) Commissioner General, outlined a range of attractive tax and non-tax incentives for foreign investors.

These include access to land in industrial parks, infrastructure facilitation, and policy advocacy to create a conducive investment environment.

Musinguzi emphasised that the exemptions granted are not limited to Uganda but extend to the wider East African region through the East African Community Customs Management Act.

This means that goods produced in Uganda can be transferred to Kenya, Tanzania, Rwanda, Burundi, South Sudan, and the Democratic Republic of Congo without additional taxation.

Musinguzi further explained that VAT exemptions are applicable to the development of industrial parks, covering feasibility studies, design, construction, and all materials utilized in setting up such parks.

He highlighted that foreign investors are expected to invest a minimum of USD 10 million in an industrial park, while a partnership between a Ugandan citizen and a foreign investor lowers the investment threshold to USD 300,000.

Additionally, investing outside of Kampala to promote job creation and industries in other areas reduces the investment threshold to USD 150,000.

Betty Ongom Amongi, Minister for Gender, Labour, and Social Development, assured investors of Uganda’s abundant, cost-effective, and innovative labour force.

She emphasized that the country possesses a skilled and semi-skilled workforce to support diverse investment ventures.

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