The State Minister for Foreign Affairs, Mr Henry Oryem Okello, at a past event. His comments have drawn criticism from economists
 PHOTO/ FILE

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You are free to repatriate   profits, Oryem tells investors

What you need to know:

  • Uganda’s banking sector report of 2020 found that banks from South Africa, the United Kingdom and India remain the highest beneficiaries from Uganda’s financial sector with more than 72 percent of total profit after tax generated by non-native financial institutions accounting for Shs528 billion which has been exposed to capital flight.

The State Minister for Foreign Affairs, Mr Henry Oryem Okello, has told investors who plan to do business in Uganda that they are free to make profits and repatriate them to their home countries.
“In Uganda, if you choose to repatriate all your profit abroad, we have no quarrel with you. It is your money, you have made it, take it. Uganda has no restriction on the percentage of repatriation that we withhold like other countries. But if you are arrested on the other side, do not make noise,” Mr Oryem said during a meeting with German investors at the Kampala Serena Hotel yesterday.

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