UIA to champion the pathogenic economy through supporting local scientists and innovators
The Uganda Investment Authority is pleased to announce that it will prioritize channelling its investment support to local scientists and innovators that are active in the pathogenic economy. As a developing country, Uganda stands to benefit from investments in this nascent sector. The COVID-19 pandemic has underscored the need of home-grown solutions to such pandemics. For example, the two biggest US pharmaceutical firms that are the leading producers of vaccines each charge not less than $30 per person, for a two-dose vaccine. Governments have ordered more than 780m shots since the outbreak. No wonder, Pfizer, expects to earn close to $15bn in 2021 alone, thanks to this pandemic.
Luckily, Uganda’s scientists have not disappointed. Professor Patrick Engeu Ogwang, a Ugandan pharmacist, has invented a supportive treatment for COVID-19 named Covidex. Covidex is a 100% herbal medicine made using a combination of herbs containing antiviral properties that local communities in Uganda, have traditionally used to treat viral infections such as measles and certain coughs.
Hon. Evelyn Anite, the Minister of State for Investment and Privatization has therefore handed over an investment license to Prof. Ogwang this morning, as evidence of our commitment to supporting the pathogenic economy and to expediting the process of issuing investment licenses in less than 48 hours, as per the President’s directive during the inaugural Cabinet meeting held on 28th June 2021. In this instance, Prof. Ogwang received his license in 1 hour. He arrived at 9:00 am, he lodged in his application for an investment license and he was issued one by 10:00 am
The Uganda Investment Authority is committed to issuing all investment licenses to both local and international investors within 48 hours through offering advisory support to would-be investors in the application process, ensuring that our help-line is active 24 hours, removing the requirements for all applications to be in English and issuing preliminary licenses as documentation is being processed.