By Shamim Saad and Babra Nambuya
In a significant move bolstering domestic investor confidence, the State Minister of Investment and Privatization, Hon. Evelyn Anite accompanied by the esteemed Uganda Investment Authority’s (UIA) Board and Management embarked on an insightful tour of a leading packaging manufacturing facility located in Kakelenge, Bombo Road in Wakiso District.
The factory, valued at $3m, a beacon of industrial prowess in Uganda, specializes in producing various packaging materials and prides itself on providing employment to over 100 people, both directly and indirectly.
The Minister’s and UIA’s Board and Management visit on Tuesday January 23, 2024 underscores the government’s unwavering commitment to nurturing local enterprises.
In her speech, Anite highlighted the UIA’s dedication to offering unparalleled support and incentives, ensuring that companies like this packaging facility not only survive but thrive in Uganda’s burgeoning economic landscape.
“A remarkable aspect of this factory is its workforce composition – it’s a testament to Ugandan talent, being staffed entirely by local professionals. This factor resonates deeply with UIA’s agenda of championing domestic investors, a cornerstone in Uganda’s economic development strategy,” Anite emphasized.
However, the visit was not just a ceremonial affair. The proprietary team led by Lillian Nagawa, the Managing Director, DreamPack Limited candidly shared their operational challenges, notably the heavy taxes on imported raw materials and the high-power tariffs.
“We would love to grow and create more jobs, but the high taxes on imported raw materials prevent us from doing so. These issues are significant impediments to growth and competitiveness in the global market,” Nagawa pointed out
Addressing these concerns, the minister advised the formation of a consortium of manufacturers within this sector.
She said this strategic move would enable effective lobbying as a united front, potentially leading to policy changes that favor the industry.
“Such collaborative efforts are essential in creating a more conducive business environment, ultimately attracting more investment and fostering economic growth,” Anite explained.
The minister’s guidance aligns with global investment trends, where collective action and public-private partnerships are increasingly recognized as vital for addressing sector-specific challenges.
By advocating for this approach, the minister not only addresses immediate concerns but also sets a precedent for future industry-wide collaborations.
The UIA’s Board Chairman, Morrison Rwakakamba, said this visit serves as a reaffirmation of UIA’s commitment to on-boarding domestic investors, emphasizing investor readiness and confidence.
“Uganda’s investment climate is evidently maturing, with the government actively engaging with and supporting local businesses,” he alluded.
Data from the World Bank and other international financial institutions consistently show that countries with strong domestic investment sectors tend to attract more foreign investments. Uganda, through initiatives like these, is positioning itself as an attractive destination for both domestic and international investors.
The Minister’s, UIA’s Board and Management engagement with the packaging factory is more than a mere visit; it is a symbol of a proactive government working hand-in-hand with its entrepreneurs.
It’s a narrative of empowerment, collaboration, and a forward-thinking approach that promises to elevate Uganda’s status in the global investment arena.
ENDS.
