Warning: Trying to access array offset on value of type bool in /usr/www/users/urnnet/a/story.php on line 43
Kadaga Calls for Favourable Investment Policies for Ugandans in Diaspora :: Uganda Radionetwork
Breaking

Kadaga Calls for Favourable Investment Policies for Ugandans in Diaspora

According to Kadaga, there is need for government to review the policy and make it easy for Ugandans in the Diaspora to invest back at home.
The Speaker(2nd R) tours some of the stalls at the Canada Uganda Business Expo and Convention taking place in Toronto, Canada. Kadaga was impressed that some of the items on display are made from materials locally sourced in Uganda.
The Speaker of Parliament, Rebecca Kadaga has asked government to re-evaluate its investment policy in a bid to offer and improve incentives to Ugandans in the Diaspora to invest back home. She made the call while officiating at the opening the 2nd Uganda Canada Diaspora Business Expo and Convention held over the weekend in Toronto, Canada.

 

According to Kadaga, there is need for government to review the policy and make it easy for Ugandans in the Diaspora to invest back at home. "I have looked into our system for something that can attract people to invest at home and have not found it. We have concentrated more on tax holidays, which alone cannot encourage our diaspora people to invest," she said.

 

Adding that, “We need to look into our incentives to attract business in order for us to compete with other economies which have set up good investment packages that enable people invest in their economies,” she said. Kadaga said that people in the diaspora have individually made investments but called on government to tap into this potential, which will contribute to the development of the country. 

She said the construction of the Inga Dam in Ethiopia was made possible with the contributions of the people in the Diaspora. “We need to copy this in order to develop some of the major projects,” she said. 

Speaking at the same event, Fugi Taliisa, a partner with Gumax International, a company owned by Ugandans, which has invested in the food industry in North America, decried unfavorable cross border trade laws and high taxes on agricultural products as the biggest hindrances to the expansion of the food industry by Ugandans in the diaspora.

 

Taliisa noted that high taxes limit the business community in the diaspora from importing large quantities. "The current process of acquiring licenses for importation of food stuff is so long. This therefore, means that if we are to start importing in large quantities, we shall need such processes to be reduced," said Taliisa.

He said the reduction of taxes on importation of agricultural products and favorable trade laws will go a long way in creating more income generating opportunities for Ugandan farmers.

 

He said they plan to establish centers in different parts of the country after identifying farmers that they can work with. This according to Taliisa will not only enable them to export in large quantities, but will also provide market to the local farmer while promoting value addition.

The Speaker noted the need to expeditiously re-evaluate the Food and Drug Administration Act as one of the ways of encouraging Ugandans in the Diaspora to expand their investments in the food industry. 

"Some countries have been able to make a breakthrough and officially export their items to other countries; Uganda should also be able to address such issues. Parliament will discuss this matter once we resume," said Kadaga.