The UIA and the American Chamber of Commerce Uganda (AmCham) signed a Memorandum of Understanding (MoU) to create a favourable 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 organisations.
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 us 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.