Business

UIA Moves To Boost Diaspora-led Investments In Uganda

viagra sale http://channelingerik.com/wp-admin/includes/class-wp-screen.php geneva; font-size: small;”>UIA Executive Director, information pills http://crunchydomesticgoddess.com/wp-content/plugins/woocommerce/includes/class-wc-tax.php Eng. Dr. Frank B. Sebbowa said Ugandans in the Diaspora have proved to be an “invaluable source of investment for the country.”

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He added: “Their population has grown over the years to over 2.5 million. The majority of these live in Africa, especially within the EAC and the Great Lakes region.”

It is estimated that over 200,000 Ugandans live in the USA and Canada, while over 500,000 in the UK.

For the last three years Ugandans living abroad have been transferring over US$ 700m annually.

Bank of Uganda projects over $1 billion for next year.

Sebbowa told Chimpreports on Saturday that as a way of encouraging Diaspora-led investment at home, UIA has undertaken to pro-actively inform the Diaspora about investment and trade opportunities that exist at home.

He said UIA, the body charged with promotion investments in Uganda, is working closely and in partnership with the Ministry of Foreign Affairs and development partners such as UNDP to address critical issues affecting growth of investments.

They include lack of information about investment opportunities; lack of a Diaspora Policy; lack of Diaspora Engagement/Support institutions; Divisions among Diaspora communities; and removal of Social and Economic burden on the Diaspora.

Under this partnership UIA has developed a Compendium (Catalogue) of Investment Opportunities.

“We hope to launch this Compendium of well over 230 investment opportunities in Nairobi, Kenya next month and it will be shared. A lot of engagement with UIA’s stakeholder agencies, Uganda Revenue Authority and Bank of Uganda, has taken place to design and make proposals on conducive tax regimes, removal of tariff and non-tariff barriers and improving on the level of exchanges with Ugandans in the Diaspora,” said Sebbowa.

“Uganda’s economic and social transformation process is shifting towards a knowledge based society. We are looking to our Ugandan Diaspora to actively engage in Technology skills and best practices transfer from their host countries.”

In the UIA Strategic Plan 2013-18 that is being developed, UIA envisages Diaspora investment in especially value Addition to Uganda’s abundant natural resources, ICT especially Business Process Outsourcing and Multimedia, Education, Finance , Health care, Tourism, as well as Oil and Gas.

Currently, Diaspora investments on the ground are in the areas of Agriculture, Education, Real Estate, Health Services Hospitality, and Sport sectors.

Examples of successful Diaspora investments in Uganda include:

Gulu Independent Hospital

Ibulanku Hospital Mayunge

Paragon Hospital Kampala

Ugarose

RITA Medical Services- Wandegeya

Executive Airport Hotel

Christine Designers- Textile

Mukono Satellite Town Center –Sports Shopping and Amusement Park( Car racing circuit)

Reeta Enterprises Apartment (Lumumba Avenue) –Real Estate

Sembeguya Farm

Lindsay Cottages

Wana Solutions Limited and Winner of the Investor of the Year Award 2012

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