New UIA Board Inaugurated with Caution

The Minister of Finance Planning and Economic Development, Hon. Matia Kasaija, has warned the newly inaugurated Board of Uganda Investment Authority against engaging in corrupt practices. He urged them to create a conducive environment for investments in Uganda.

Officiating the inauguration on October 16, 2024, Minister Kasaija noted that serving as a member of the Board was a serious role and responsibility to grow industrialization and create jobs for young people, citing unemployment as an existential problem.

“The responsibility placed upon you is significant, aimed at tackling youth unemployment which is not merely a goal but a necessity for our nation’s future. You must guard against tendencies of corruption,” Kasaija said.

Minister Kasaija also called on the Board to guide investors instead of repelling them.

“If you mess up things, you will frustrate our quest for full industrialization. I want to hear every investor is being treated humanely and assisted to set up investments and create jobs,” stressed the Minister.

Minister Kasaija explained that the economic climate demands innovative approaches and robust strategies to create sustainable job opportunities for young people, emphasizing the importance of cultivating positive relationships with investors.

The Minister thanked the former Board chaired by Morrison Rwakakamba for its significant contribution to driving Uganda’s industrialization agenda and urged them to continue sharing ideas and experiences with the new board.

The new Board Chairman, Dr Robert Kyamanywa, emphasized the importance of teamwork, open communication, collaboration, mutual respect, and adherence to institutional policies to enable the smooth running of the authority.

Dr Kyamanywa said Uganda Investment Authority has a very clear mission of promoting, attracting, and retaining value-adding domestic and foreign investments, a challenge that must be dealt with.

“The country is looking at us and at the end of the day we must demonstrate to Ugandans the number of industries and jobs we have created and policy reforms we have championed”, Dr Kyamanywa said.

Dr Kyamanywa reached out to the management and staff of Uganda Investment Authority staff to view the changes not as a threat but as an opportunity to cultivate common ground, tackle the challenges of investments and move forward.

The former Chairman, Morrison Rwakakamba, thanked President Yoweri Museveni for the opportunity to serve the country and hailed the collegiality he had with the Finance Ministry and management and staff of Uganda Investment Authority.

The newly appointed board members include Dr Patrick Wakida, Dr Anna Nakanwagi, Ms Bridget Nambooze Musumba, Ms Namakoye Faith Jullie, John Byaruhanga from the Ministry of Finance, Planning, and Economic Development and the Permanent Secretary of the Ministry of Trade and Cooperatives.