By Ronnie Mayanja | UNAA Times Online | On Thursday September 2nd 2010 the UNAA Convention is Washington kicked of with a trade and investment summit held at the Gaylord Resort.
During his opening remarks the UNAA President informed his audience that UNAA was looking for partnerships with which the diaspora community could work to help advance trade and investment opportunities in Uganda.
On his part the Ugandan Ambassador to the US Prof. Perez Kamnanwire informed his audience that in the past ambassadors were described as people who were sent abroad to lie for their countries. However today Uganda is relying on institutions like UNAA to act as good will ambassadors in the promotion of trade and investment opportunities back home.
Mr. Daudi Magereko the Minister of State for Investment and the government chief whip delivered a speech on behalf of the Uganda’s speaker of Parliament who was not able to attend the investment forum. He also noted that the US government has taken a more active role in the security matters in the East African region. Following the recent Al Shabab attacks in Uganda the US government has been instrumental in assisting Uganda deal with the Somali problem. He also noted that the presence of the Government delegation is intended to deliver a strong message of support and recognise the diaspora community as a major source of development back home.He therefore called on the diaspora community to take the lead in actively participating the in the investment opportunities that exist in Uganda today. We encourage the opening of foreign denominated accounts in Uganda Mr. Magereko said. The government has instituted regulatory bodies to provide a level playing field this sector today. On areas were the diaspora could play at active role the Minister noted that the priority investment areas were Agriculture, Mineral development, Energy hydro/wind development, Communication, and infrastructure developments. On the subject of the newly discovered oil, the minister observed that there was talk that oil and gas would bring a curse to our country, something he strongly disputed based on all the legislation that has been introduced to help regulate this industry.
Other speakers included representatives from the trade investment division of the US Government[AGOA], The country manager of East and Southern Africa US Trade and Development Agency Mr. Micheal DeRenzo also spoke about Uganda as a future investment hub in the region. The US Department of Agriculture, foreign agricultural services also made a presence and noted that they were looking for trading opportunities in the Agricultural sector. They noted that alot of these migrant communities imported alot of food stuff and the US needed some of this produce imported to help serve their diverse markets living in the US. Sub Saharan Africa continues to lag behind countries like Korea, China and Central America that have benefited from the this trading arrangement the speaker noted.
US speakers noted that the Obama administration had increased funding in support of USAID and OPIC efforts to help companies access grant funds. They don’t invest in your company but they lend money. [www.ednaccess.com]or [www. opic.gov] were mentioned as good resources toward this cause.
USAID expressed their continued to help advance Trade and Investment opportunities in the region. Mr. Yvon Resplandy the Senior Advisor for Diaspora and Remittances noted that there was need for more understanding between these countries in order for these partnerships to grow. He noted that USAID had embarked on a plan that included Diaspora network alliance initiative to help engage development. Advocacy and Diplomacy, Entrepreneurship, Diaspora Volunteer Corps/skilled individuals volunteering skills, Diaspora philanthropy/charity organizations/collective remittances/funding foundations/private sector, Investment in Capital markets/access to investments funds/securitization of remittences/foreign currency bank accounts/local stock markets, Diaspora Tourism and Nolstagic trade which is a source of foreign exchange earnings. Nolstagic trade were members from the local countries do spend a sizable income of food produce from their countries of origin.
On her part the Executive Director of Uganda Investment Authority Prof.Dr. Maggie Kigozi mentioned that in Uganda there has been the establishment of the Uganda National Planning Authority to help plan out the new development plan for Uganda over the next thirty years. She was soon able to welcome the New Executive Director of the Uganda National Planning Authority to help expound on the subject planning in Uganda that had last seen a national plan soon after independence in 1962-1972. After independence there seized to be any planning in Uganda and it had taken Uganda nearly 40 years to come up with a new 400 page national plan. The authority aims at developing Uganda’s national strategic plan. [www.npa.ug] Annual plans and budget, two and half mid term reviews, five Year plans, 10 year plan to a 30 year plan that have all been established at part of this national planning policy undertaken by the government. The idea is to transform Uganda from a peasant society to a modern middle class economy. There challenges today as 56% of our population is below 25 years this too presents a future planning nightmare given the population explosion the Executive Director of NPA noted. The long term plan is to address energy due to load shedding and Transport a need for infrastructural development and the need to develop a rail network which is said to be three times cheaper than road transport. A weak private sector management force, Inadequate financial and financial services. Gender issues, cultural practices are all things that need to be transform societies. The plan aims to expand our GDP from 41,397 billion to 72,094billion, developing the country’s development indexes. Development of Oil and gas refinery. 2 billion barrels are expected out of Uganda annually. Development of the ICT pack and the development of the national skills program. Development of irrigation systems, incubators, development of the fertilizer industries, mining of Iron Ore. The challenge is the implementation and we have provided a different forum to monitor progress.
As the meeting came to its conclusion Dr. Maggie Kigozi noted that the leading investors in Uganda was the UK, while China Singapore, were also noted bigger investors ahead of the US in Uganda. Dr. Kigozi then went on to share how one could invest in Uganda. What was required is to register a local company, acquire a secondary licence, acquire a UIA investment licence, get an environmental assessment, acquire land and implement your project. She sited examples of companies like MTN Uganda that invested very small capital but whose overall investment in Uganda today stood at $650 million dollars. And MTN accounted for about 6 million of the overall 10 million cellular phone subscribers in Uganda today. Another area was the liberalised media that now has over 250 licenced radio and television stations country wide. Mr. Philip Byaruhanga the board Chairman of Uganda Tourist Board made a passionate plea for the diaspora community to make use of the untapped resources in Uganda as the ssector was still virgin with alot of opportunities. During his presentation he focused on Uganda as a great destination for conference tourism, investment in tours and travel companies, amusement parks, hotel and tourism training institutions, museums, beaches, hotels, camps and lodges, sports tourism like white water rafting bungee jumping, caneing and Cultural Tourism.
Mr. Caleb Kakuyo from National Housing and Mr. Kabonero from Housing Finance touched on the housing sector that cannot sustain the demand that exists for housing today/ Mortgage finance is now available while low cost housing is also available at National Housing. Mrs Christine Kawooya of DFCU you bank reiterated the commitment of the DFCU bank in helping the diaspora communities acquire these banking services and maintain dollar accounts with the bank.
The event was sponsored in part by UNAA, DFCU Bank, The Uganda Embassy in Washington, Housing Finance, National Housing and Uganda Investment Authority.
Real time blogging by UNAA Times News team!!
Popularity: 1% [?]
