The Uganda Investment Authority (UIA) and the American Chamber of Commerce Uganda (AmCham) have today signed a Memorandum of Understanding (MoU) to promote and facilitate American investment in Uganda.
The agreement aims at creating a favorable climate for economic activity and promoting Uganda as the premier investment destination in Africa for American investors.
UIA Director General, Robert Mukiza, and AmCham’s President, Mike Davis, signed the MoU on behalf of their respective organizations.
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.
Speaking at the signing ceremony, the Director-General of UIA, Robert Mukiza said Uganda and America have always enjoyed amicable and investor-friendly relations.
Mukiza said the signing of this MoU will allow Uganda to attract even more Foreign Direct Investment 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.
President of AmCham Uganda, Mike Davis, said: “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”.
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.
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.
About Uganda Investment Authority
UIA 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.
About the American Chamber of Commerce
Founded in December 2008, The American Chamber of Commerce in Uganda is a non-profit professional association. It was 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.