NEWS– The Uganda Investment Authority (UIA) and the American Chamber of Commerce Uganda (AmCham) have this morning signed a Memorandum of Understanding (MoU) to promote and facilitate American investment in Uganda.
According to the Director General of Uganda Investment Authority Robert Mukiza, the agreement aims at creating a favorable climate for economic activity and promoting Uganda as the premier investment destination in Africa for American investors.
Uganda Investment Authority Director General, Robert Mukiza signed on behalf of UIA, and AmCham’s President, Mike Davis, signed the Memorundum of Understanding on behalf of his organisations.
Mukiza said that the MoU will last for five years and will offer opportunities for discussions on topics including policy, investment, subsidies, possible exemptions, local content standards, tax environment, policy implementation and policy review, amongst others.
Mukiza said that Uganda and America have always enjoyed amicable and investor-friendly relations and the signing of this MoU will allow us to attract even more Foreign Direct Investment (FDI) while opening up even greater markets for Ugandan products.
“We have also very deliberately chosen the five-year mark to allow both the investors the chance to identify opportunities across the different sectors and be able to see the beginnings of their return on investment over that period,” Mukiza said.
According to Mukiza, the five-year length of the MoU is deliberate because both parties want to give investors an opportunity to explore the different investment opportunities in Uganda and see their returns in five years.
Speaking at the same function, the President of AmCham Uganda, Mike Davis, said, that the American Chamber of Commerce is very excited to work with the Ugandan Government to ensure that all businesses are well supported in Uganda.
“We are here to make sure that businesses across the two countries connect and in doing so, that our members are comfortable, supported and trade freely in Uganda” Mike Davis said.
Both UIA and AmCham have underscored the fact that they both play a vital role in Uganda’s economic transformation and achievement of Vision 2040 and both parties also look forward to continuously improving the investment climate and making Uganda attractive to American investors, which in turn translates into benefits for the country and her people.
Uganda Investment Authority was established in 1991 as Uganda’s primary Investment Promotion Agency (IPA) responsible for coordinating, encouraging, promoting and facilitating investment in Uganda and advising Government on investment policy and related matters.
The American Chamber of Commerce was founded in December 2008, and it is a non-profit professional association established by American investors in Uganda with interests in fostering and promoting greater commercial and cultural ties, cooperation, and dialogue between Ugandan and American firms and related professionals.