NAKASEKE. The Speaker of Parliament Ms Rebecca Kadaga has assured the investment community of her resolve to have the Investment Code Bill 2017 revised to suite the investment climate for both foreign and domestic investors in Uganda.
“The Investment code bill 2017 that had been tabled in parliament was not in the right spirit. We had to send it back to the Ministry of Finance to ensure that the concerns pointed out are fixed. I wrote a letter to the Minister of Finance in protest of particular policies that exclude some our people from enjoying the would-be investment incentives,” Kadaga told a delegation from Busoga under the Bosoga Investment Consortium and the proprietors of the Liao Shen industrial park located in Kapeeka Subcounty, Nakaseke District on Wednesday.
She added that investment policies must be flexible and friendly to ensure that both the foreign and domestic investors enjoy the same rights without exclusion.
“I happen to be one of those individuals who have been pushed out from enjoying some of the incentives because I could not meet the capital investment threshold that was set. I also agree with you that you need protection from the high competition from the imported ceramics because of the high production costs as stated but these among other bottlenecks will be resolved with time. It is good to have such a consortium of industries providing jobs to many Ugandans. We need these investments in Busoga region,” Kadaga told the Chinese investors.
According to Mr Yang Zhen, the Managing Director Goodwill Ceramics Industry Kapeeka, the high costs of the water and electricity bills greatly impact on the production costs at the factories.
Mr Patrick Kayemba, the Iganga District LC5 Chairperson, said land measuring about 580 acres had been secured in Iganga District for the proposed Busoga Industrial Park.
“We appeal to the Chinese investment community to consider bring some of the investment companies to Busoga. We have the land and we are very willing to help the investors establish the factories. What is in Nakaseke can be established in Busoga,” Kayemba said.