The Uganda Investment Authority (UIA) is on move to prioritize channeling its investment support to local scientists and innovators that are active in the pathogenic economy. Uganda stands to benefit from investments in this nascent sector. The COVID-19 pandemic has underscored the need for home-grown solutions to such pandemics.
On July 21st, the State Minister for Investment Evelyn Anite handed over an investment license to Prof. Ogwang to support production of Covidex, a supportive drug in the treatment of the COVID 19 pandemic.
She said UIA Authority will continue to prioritize the channeling of its investment support to local scientists and innovators that are active in the pathogenic economy.
Ogwang said preparations to set up a fully-fledged factory in Soroti district are in high gear.
“This serves as evidence of our commitment to supporting the pathogenic economy and to expediting the process of issuing investment licenses in less than 48 hours, as per the President’s directive during the inaugural Cabinet meeting,” read a press statement from UIA.
Covidex is a 100% herbal medicine made using a combination of herbs containing antiviral properties that local communities in Uganda, have traditionally used to treat viral infections such as measles and certain coughs.
According to a UIA press statement Prof. Ogwang received his license in 1 hour. He arrived at 9:00am, he lodged in his application for an investment license and he was issued one by 10:00am
“The Uganda Investment Authority is committed to issuing all investment licenses to both local and international investors within 48 hours through: offering advisory support to would be investors in the application process, ensuring that our help-line is active 24 hours, removing the requirements for all applications to be in English and issuing preliminary licenses as documentation is being processed.”