The Uganda Investment Authority (UIA) and the American Chamber of Commerce Uganda (AmCham) signed a five-year Memorandum of Understanding (MoU) to promote and facilitate American investment in Uganda.
According to UIA, the agreement will offer opportunities for discussions on topics including policy, investment, subsidies, possible exemptions, local content standards, tax environment, policy implementation and policy review, among others.
The Director General of UIA Robert Mukiza said Uganda and America have always enjoyed amicable and investor-friendly relations and the MoU will facilitate 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.
Mukiza said the focus would be on aggressive and collaborative investment promotion, new storytelling of Uganda’s vast investment opportunities, big data exchange and knowledge and technology transfer, among others.
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.
The president of AmCham Uganda Mike Davis was optimistic about the deal.
“The American Chamber of Commerce is very excited to work with the Ugandan Government to ensure that all businesses are well supported in Uganda," he said.
"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”.
Key American investments in Uganda include Citibank, Marsh Insurance and Risk Management, Coca Cola and Willis Towers Watson.
Others are Sombha Solutions Store, Jakana Foods, American Tower Company, Agilis Partners and Raxio Data Centres.