The Ag Executive Director of Uganda Investment Authority (UIA), Lawrence Byensi, has announced Partnership with Ugandan Diaspora Network to organise the diaspora investment events in Kampala.
In the pipeline is the upcoming 9th Annual Ugandan Diaspora Business Breakfast scheduled for December 27, 2019 followed by what has become a signature Ugandan Diaspora Social Networking Gala on December 28, 2019. Both events will take place at the Kampala Serena Hotel.
Annually, UIA organises The Diaspora Home is Best Summit as one of the major efforts to inform the Ugandan Diaspora about the status of investment in the country and investment opportunities so that they can invest back home.
“The events will avail opportunities to discuss the status of a number of Government initiatives to make the investment and social environment more enabling for Ugandans in Diaspora to do business back home,” he said.
He added: “UIA appreciates our Partners, the Ugandan Diaspora Network, NBS TV that streams and shows the events live and all who are contributing to the events in one way or another. Without them this initiative would not be as successful.”
According to the World Bank 2018 Report on migration and remittances, Ugandans from the Diaspora globally remitted US$ 1.4 billion in 2017 with a decline to US$ 1.3 billion in 2018. The amounts translate to about five percent of Uganda’s GDP of US$ 27.9 billion as announced in last financial year’s Budget Speech.
This goes to how important Diaspora remittances are and UIA’s aim is to assist in channeling these into investment that should provide the remitters with high returns for their savings or money sent home. It is important to note that most of the money sent by Ugandans in the Diaspora goes directly into the households, thereby improving the population’s welfare and providing for cheaper funds to invest in productive activity.
Over years since 2004 we have witnessed Diaspora investment in varied sectors including agro processing, real estate development, renewable energy, commercial agriculture and services like education and health. It has been a joint effort with a number of stakeholders to promote and facilitate investment and UIA is grateful for the partnerships that have yielded positive results.
Together with the Ministry of Foreign Affairs, UNDP, Ministry of Internal Affairs, Bank of Uganda, Uganda Revenue Authority and many other stakeholders, UIA has participated in the development of the National Diaspora Policy, development of the Diaspora Bond and the Compendium on Business and Investment Opportunities which was published and disseminated. The compendium is due for review considering the many other investment opportunities that have come up in new sectors like the oil and gas, Fintech and other innovative
