Uganda Investment Authority (UIA) and the American Chamber of Commerce Wednesday signed a five-year memorandum of understanding to promote and facilitate American investments in Uganda.
Speaking at the event at UIA offices at Lumumba Avenue in Kampala, the Director General of UIA, Mr Robert Mukiza said the signing of the memorandum of understanding will allow Uganda attract more foreign direct investment while also opening up greater market for Uganda’s products in America.
“We have deliberately chosen five years to allow both investors the chance to identify opportunities across different sectors and be able to realize the beginnings of their return on investment over that period,” Mr Mukiza said.
The president of the American Chamber of Commerce (AmCham) Uganda, Mike Davis said the MoU will ensure that businesses across the two countries connect and allow members to trade freely and are supported favourably.
“When we work together and collaborate, we bring opportunities to Uganda that will create jobs and additional revenue for the country. This MOU will enhance bilateral trade to further American investment in Uganda,” Mr Davis said.
The memorandum will offer opportunities for discussions on topics such as policy, investment, subsidies, possible exemptions, local content standards, tax environment, policy implementation and review among others.
The AmCham represents approximately 50 American firms in Uganda that focus on American investment.