The State House Investors Protection Unit (SHIPU) recently hosted a stakeholders’ consultation meeting to address the minimum capital requirements for investment licensing in Uganda.
At the gathering held today at the State House Investors Protection Unit Offices in Kampala, Col. Edith Nakalema, the unit head, highlighted the necessity for a clear investment policy, acknowledging concerns voiced by both the business community and government agencies.
Col. Nakalema expressed gratitude to ALP Advocates for their assistance in consolidating feedback from investors and traders at all levels, emphasizing the importance of collaboration in policy formulation.
The primary objective of the meeting was to review and deliberate upon the proposed policy paper on minimum capital requirements for investment licensing in Uganda, with a focus on fostering a conducive environment for investment and business growth.
Col. Nakalema emphasized the need for streamlined investment policies that support businesses of all sizes, stressing the importance of inclusive measures to benefit enterprises across the board.
She also highlighted concerns regarding the efficacy of initiatives such as the Small Business Recovery Fund and the Agricultural Credit Facility programs, citing challenges faced by potential beneficiaries in accessing these resources.
Mr. Francis Gimara, Head of ALP Advocates, underscored the significance of private sector enhancement in driving economic growth, emphasizing the importance of fostering partnerships and attracting both domestic and foreign investments.
The Director of Economic Affairs at the Ministry of Finance, Planning, and Economic Development, Mr. Moses Kaggwa, outlined the government’s focus on promoting investments across various sectors, including agro-industrialization, tourism, mineral development, and services.
Mr. Kaggwa acknowledged existing challenges such as high interest rates, inadequate infrastructure, regulatory hurdles, and corruption, emphasizing the need for concerted efforts to address these impediments.
Dr. Tumubweine Twinemanzi, Director In charge of Supervision at the Bank of Uganda, emphasized the importance of incentivizing investors effectively, cautioning against indiscriminate allocation of tax incentives that may lead to revenue loss.
Dr. Ezra Muhumuza, Executive Director of Uganda Manufacturers Association (UMA), called for a review of the current investment regime to better support domestic investors.
Dr. Henry Onoria, a Knowledge Partner at ALP Advocates, presented a paper on the Uganda Investment Licensing policy (UILP), highlighting its significance in facilitating both domestic and foreign investments.
The meeting, attended by key stakeholders including the Uganda Registration Service Bureau (URSB) Registrar General, Ms. Mercy Kainobwisho, and former Attorney General, Mr. Fred Ruhindi, provided a platform for constructive dialogue aimed at advancing investment and economic development in Uganda.