Uganda Investment Authority (UIA) has signed a Memorandum of Understanding (MoU) with the American Chamber of Commerce with a view to connecting Uganda and America for business investment opportunities.
The president of American Chamber of Commerce, Mr Mike Davis, and the UIA Director General, Dr Robert Mukiza, signed the MoU at a function held in Kampala on Wednesday, 27 October 2021.
Mr Davis said the MoU is the first step in fostering bilateral agreements and trade between the two countries. “How do we tell the story of Uganda so that American companies can invest here? This MoU supports business and investment opportunities in Uganda,” he said.
“It is important that we bring money to Uganda and also create an environment that our investors are protected and can build their businesses successfully in Uganda,” Mr Davis added.
On his part, Dr Mukiza welcomed the partnership, saying Uganda is ripe for American investments. “We need to tell Uganda’s story and the pitch for investment in Uganda. It is important that we work with American Chamber of Commerce to tell the story of investment in our country,” he said.
“Uganda is ready for business, Uganda is ready for American Investment. We are looking forward to a very strong collaboration. The power of information is important- if you can provide an investor with all the critical information they need, you would have captured them and nurtured their business,” Mr Mukiza added.
According to UIA Board chairman Morrison Rwakakamba, under the MoU, Uganda has opportunity to export over 600 products to USA duty free and quota free.
Both UIA and AmCham have underscored the fact that they both play a vital role in Uganda’s economic transformation and achievement of Vision 2040 and both parties also look forward to continuously improving the investment climate and making Uganda attractive to American investors, which in turn translates into benefits for the country and her people.
Uganda Investment Authority was established in 1991 as Uganda’s primary Investment Promotion Agency (IPA) responsible for coordinating, encouraging, promoting and facilitating investment in Uganda and advising Government on investment policy and related matters.
The American Chamber of Commerce was founded in December 2008, and it is a non-profit professional association established by American investors in Uganda with interests in fostering and promoting greater commercial and cultural ties, cooperation, and dialogue between Ugandan and American firms and related professionals.