Uganda Development Forum (UDF) in partnership with Wakiso District local government, Uganda Development Bank (UDB), tipped the community in Wakiso District on unlocking their immense investment potential through sustainable projects that will spur economic growth.
This was during a one-day conference that was held Thursday at Peniel Beach Hotel in Entebbe.
The conference was held under the theme ‘Harnessing Investment Opportunities in Wakiso’ and aimed at identifying solutions for Wakiso District and its constituencies, including Nansana, Kira, Makindye Ssabagabo, and Entebbe.
The conference was among others aimed at identifying sustainable and impactful investment opportunities or in projects aligned to the NPDIII and in key priority sectors of the district, highlighting the key challenges faced by the private sector in Wakiso as well as solutions and remedial actions and identifying a pipeline of bankable businesses in the various sectors.
Speaking at the event, the Minister for Justice and Constitutional Affairs, Norbert Mao, said government is working around the clock to see that local investors are helped and supported.
Mao, also Vice Chair UDF, said the bureaucracies and delays in some of the government offices that have made business difficult are being addressed, “We are working on most of the issues raised here, why should a contract or papers take more than two weeks to be approved.”
Mao added that the reports from the conference will be sent to all local governments and central government for scrutiny and possible solutions.
Patricia Ojangole the Managing Director of Uganda Development Bank said, “We are thrilled to partner with the various stakeholders in the 2023 Wakiso Investment Conference which perfectly aligns with our vision of driving socio-economic growth in Uganda through sustainable financial interventions in the country’s key priority sectors, namely, Agriculture, Manufacturing, Health, Education, Tourism, infrastructure, and others.”
She added, “The platform has enabled us, and the different stakeholders involved to create meaningful connections, exchange knowledge, and consumer information on the investment climate of Wakiso, as well as offer a premier platform for an expert-informed-public discussion on Wakiso’s development where practical solutions have been offered on how best to adapt and re-orient our strategies in the current context to accelerate inclusive socio-economic transformation.”
Most of the local investors decried of double taxation, poor road network, poor waste management, and high cost of electricity.
These say this has made the cost of doing business quite expensive.
This was also confirmed by the Chief Administrative Officer (CAO) of Wakiso District, Malinga Alfred.
He noted that the private sector still grapples with financial constraints and business advisory services that are important in enabling them to realize their full potential.
He added, “It is key that we collaborate with partners like UDB so that we can support the growing business community to participate in impactful projects. It is through forums like this Investment Conference that there is knowledge exchange on how businesses can access funds and make the right investment decisions.”
He highlighted that since the Wakiso Investment Conference’s inception in 2018, there has been a noticeable increase in the issuance of Investment licenses to projects, amounting to a tune of US$. 1.35 billion with an estimated 26,303 jobs created.
“We are constantly improving the business environment in Wakiso District so that we can boost economic activities in the areas, which in turn will provide investment opportunities and spur economic growth, among others.”
“UDB is dedicated to fostering sustainable socio-economic growth, through supporting ventures like the Wakiso investment conference that seeks to unlock opportunities that compliment government effort through job creation for our people, and uplifting communities so that we complement government efforts of boosting the country’s socio-economic growth,” Ojangole concluded.
