What you need to know:
Done. Kyambadde says discussions have been finalised and even the President has given it a go ahead.
Kampala. The activities of Uganda Investment Authority (UIA) are now going to be overseen by the Ministry of Trade, Industry and Cooperatives, Daily Monitor has learnt.
In an interview with this newspaper, Trade minister Amelia Kyambadde confirmed the development.
Speaking at the sidelines of the launch of the Switch Africa Green (SAG), an initiative developed to support African countries in their transition to using and adapting environmentally-friendly energy last week in Kampala, Ms Kyambadde said UIA will be one of the agencies under the watch of her ministry.
She said: “Discussions have been finalised and even the President (Museveni) has given it a go ahead. We hope by the beginning of the financial year, UIA will be under our ministry.”
Ms Kyambadde continued: “We think it belongs here in the Ministry of Trade. All the necessary expertise is here and it will now streamline trade and investment.”
For years there have been discussions from some quarters that UIA is misplaced under the Ministry of Finance. According to the private sector leadership, what matters now is the linkage between investment and trade because the two are inseparable.
In an earlier interview with Private Sector Foundation Uganda executive director Gideon Badagawa, it emerged that all that matters is to ensure that the necessary investment climate in terms of infrastructure, legislation and elimination of any barrier to trade and investment is actualised.
When asked about being shifted from the Ministry of Finance to Trade, the deputy director communications and public relations, office of the executive director UIA, Ms Sheila K. Mugyenzi, said as public servants they do not have objection on where they are stationed as long as they continue to execute their mandate as required by the law.
In an email response, she said: “Now regarding UIA being under Trade or Finance, we can only wait and see.”
UIA was created by the Ugandan legislature in 1991. The mission of the UIA, is to promote and facilitate investment projects, provide serviced land, and advocate for a competitive business environment.
The Authority works with the government and the private sector to promote economic growth of Uganda through investment and infrastructure development.