COSASE credits investment’s body for it’s consistency in sector growth

By Evans Najuna

KAMPALA –Wheras the officials from Uganda Investment Authority (UIA), were appearing before Parliamentary Public Accounts Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) this week, on the queries that were raised in the Auditor General’s Report for 2022/2023. The committee appreciated UIA’s consistency in sector growth.

Noting a surge in licensed projects from 390 to 607 over the past 2yrs. Indicating an uptick in planned investments from Shs1.86 billion to Shs5.27 billion since 2020.

In trying to digest deep into the prospects that have led this mega achievement of UIA whose mandate is to promote, attract and retain value-adding to both domestic and foreign direct investments.

Such spots have been attributed to the ably robust marketing in addition to investor-centric policies and services.

Much more not withstanding, the support of it’s industrialization agenda through serviced industrial parks.

This has significantly registered an improved achievement in a short period of 2yrs that among others included;

The number of licensed projects grew by 58.7% from 395 projects in FY 2020/21 to 627 projects during FY 2021/22. Similarly, the value of planned investments registered 182.5% increase from $ 1.86 Billion in 2020/21 to $ 5.27 Billion during the FY 2021/22. Resulting into media reports of 16th September 2022 that quoted the Performance rankings for government agencies and UIA scored 83.4 among the best performers.

Further, in the first quarter of the Financial Year 2022/2023, Ugandan owned licensed investment projects valued at USD 3.099 billion compared to USD 485.7 million licensed during the same period of the First Quarter, Financial Year 2021/2022.

This was mainly attributed to enhanced UIA’s efficiency, increased investment promotion programs which increased visibility to Ugandan investors.

Additional to this, UIA recently mobilized approximately 12.5 Square miles of land from Local Governments for Industrial Park development free of charge. And this has also been recognised at international level.

Notable among the recognitions include; November 2023, Go Global awards in Rhodes Island USA- UIA was given an award for the greatest investment catalyst in the world, September 2023, Africa risk reward index 2023 – Oxford Economics;

Uganda was recognised as the most attractive economy to invest in within the East African community(EAC) and 3rd Most rewarding country to invest in within Africa, May 2023, Annual investment meeting (AIM), 2023 in Abu Dhabi;

UIA was recognised with a gold award for attracting the best investment project in East Africa in 2022 and the Africa Development Bank (AFDB) Africa industrialisation index 2022;

Uganda was recognised in the top 10 for industrial development. According thes outweighed registrator’s sights in acknowledging UIA’s role in Uganda’s Economic growth.