COSASE hails UIA for consistency in sector growth
UIA ED Robert Mukiza appearing before COSASE early this week
By Evans Najuna
The Parliamentary Public Accounts Committee on Commissions, Statutory Authorities and State Enterprises (COSASE), has hailed the Uganda Investment Authority (UIA) for the job well done as far as investment promotion in the country is concerned.
The legislators recognized these tremendous efforts during an interface with UIA bosses led by Executive Director Robert Mukiza, early this week, who had appeared before COSASE to clarify on some of the queries that were raised in the Auditor General’s report for 2022/2023.
The legislators appreciated UIA’s consistency in the sector growth.
UIA’s mandate is to promote, attract and retain value-adding domestic and foreign direct investments through robust marketing and investor-centric policies and services.
It is also tasked with supporting President Museveni’s industrialization agenda through serviced industrial parks.
Here is the success story of UIA under ED Mukiza, Board chair Morrison Rwakakamba and political supervisor Minister Evelyne Anite in the last two years that has earned them COSASE praise. Ironically this is a committee composed of mostly opposition legislators who are always lukewarm towards any achievement associated with the ruling NRM government.
A quick review of UIA’s performance over the past two years, shows that the number of licensed projects grew by 58.7% from 395 projects in FY 2020/21 to 627 projects during FY 2021/22.
Similarly, the value of planned investments registered 182.5% increase from $ 1.86 Billion in 2020/21 to $ 5.27 Billion during the FY 2021/22.
This partly explains why a 16th September, 2022 report on the performance of government agencies gave UIA 83.4 score.
Further, in the first quarter of the Financial Year 2022/2023, Ugandan owned licensed investment projects valued at USD 3.099 billion compared to USD 485.7 million licensed during the same period of the First Quarter, Financial Year 2021/2022.
This was mainly attributed to enhanced UIA’s efficiency, increased investment promotion programs which increased visibility to Ugandan investors.
UIA also recently mobilized approximately 12.5 Square miles of land from Local Governments for Industrial Park development free of charge.
It is not only in Uganda where UIA’s investment promotion efforts are being noticed, but also watchers on the global stage are nodding in affirmative.
For instance in November 2023, at Go Global awards in Rhodes Island USA, UIA was given an award for the greatest investment catalyst in the world.
Two months before (in September 2023), at Africa risk reward index 2023 – Oxford Economics, Uganda was recognised as the most attractive economy to invest in within the East African community(EAC) and 3rd most rewarding country to invest in within Africa.
Prior in May 2023, during the annual investment meeting (AIM), 2023 in Abu Dhabi, UIA was recognised with a gold award for attracting the best investment project in East Africa in 2022.
The Africa Development Bank (AFDB) Africa industrialization index 2022 recognised Uganda in the top 10 for industrial development.
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