In a marathon move aimed to realise President Yoweri Museveni directive of setting up 25 fully functioning Industrial parks by 2026,Uganda Investment Authority (UIA) has launched anew initiative dubbed the Investment Facilitation and Protection Campaign.
According to UIA Director General Robert Mukiza, government’s industrialization plan will be strengthened by this campaign, which will also increase exports and encourage import substitution.
Mukiza stressed that this campaign attempts to maintain Uganda’s standing as the top East African investment destination, which will be reaffirmed in 2023 at the Annual Investment Awards in Abu Dhabi, Mukiza said UIA will work with other relevant government agencies such Uganda Revenue Authority, State House Investors Protection Unit, Uganda Registration Services Bureau, NWSC, UMEME and others to ensure that services to investors are provided in real time.
In arelated development UIA has set uo special 24-hour hotline for investors’ complaints where every concern will be immediately addressed.
“I would like to urge all potential investors, especially indigenous Ugandans that the government has made available 81 square miles of land in our gazetted industrial parks, countrywide. If you have an interesting value addition project, please feel free to approach us with your idea or project. Ugandans should be aware that all land in industrial parks is free of charge,” Mukiza emphasized.
According to Mukiza free land in gazetted industrial parks for domestic and foreign investors are one of the incentives the government through Uganda Investment Authority has put in place to foster establishment and flourishing of domestic and foreign investors.
Other incentives include; the minimum capital requirement for a foreign investor to get an investment license and an investment certificate and qualify for incentives, he or she must deliver a capital investment of USD 250,000. For a local investor, the minimum capital requirement is USD 50,000.
Also a 10 year tax exemption on income derived by an investor in an industrial park and outside industrial park who invests in agro processing, manufacture of medical appliances etc. and use at least 70 percent of local raw materials and employs 70 per cent of Ugandans/East Africans who must take up 70 per cent of the wage bill.
To qualify for this incentive, USD 10 million is the minimum required investment for foreign investors and USD 300,000 for local investors – and USD 150,000 if the local investment is up-country.
There is also a 10 year tax exemption on income derived from renting or leasing facilities established in industrial parks or free zones. To qualify for this incentive, the minimum capital investment for foreign investors is USD 50 million and for local investors it is USD 10 million.
