President Yoweri Museveni has held discussions with various UAE investors and CEOs of leading companies in various sectors including America’s Business Council based in Dubai, Emerson with interest in Oil and Gas, Ernst and Young and Norton Rose Fulbright among others.

President Museveni said that with increase in demand not only for Uganda alone but also for East Africa and COMESA, the investors are assured of the market of their products.

“The demand is there, it is going up, because Africans have been under consuming while the rest of the world has been over consuming,” the President said on the sidelines of the ongoing 2017 Global Business Forum on Africa in the business capital Dubai.

He encouraged investors to come and invest in Uganda citing peace and stability, infrastructure development especially electricity, roads and railway lines which he said it is a stimulus for investments.

“There are plenty of raw materials, minerals, tourism and so on so when you invest there you have access to all these”, the President said, adding that the business community will enjoy a number of policy incentives such as tax holidays and VAT incentives among others.

” I don’t have to bother investors with taxes, what I want is to invest ,use our raw materials, create jobs ,add value and promote exports “he said.

The business group expressed interests in investing in Uganda especially in areas of Oil and gas, and agro-processing among others.

The President was accompanied by Uganda’s Energy Minister  Irene Muloni, Tourism minister Ephraim Kamuntu, State Minister for Investment and Privatization Anite Evelyn and Ambassador Nimisha Madhvani among others.

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Inflation in Uganda dropped to 4.8 percent year-on-year in October, from 5.3 percent a month earlier, the Uganda Bureau of Statistcis  (Ubos) says.

According to the latest report released by Ubos, core inflation, which excludes food, electricity and metered water, went down from 4.2 percent to 3.5 percent during the same period. Ubos attributes the decline to the reduction in the prices of services as they came down to 2.3 percent in October from 4.1 percent recorded for the year ended September 2017.

The Annual Food Crops Inflation declined to 7.8 percent for the year ending October 2017 compared to the 9.6 percent recorded for the year ended September 2017. This is mainly attributed to the fall in the prices of vegetable and fruits in the month October as more arrived in the markets.

Meanwhile, the annual energy, fuels and utilities (EFU) inflation increased to 14.1 percent for the year ending October 2017 compared to 10.6 percent recorded for the year ended September 2017. This was attributed to increases in the prices of charcoal and firewood as little arrived in the markets. Price changes of charcoal and firewood increased to 25.0 percent for the year ending October 2017 compared to 15.0 percent recorded for the year ended September 2017.

However, Liquid Energy Fuels inflation (diesel, petrol, paraffin) declined to 5.3 percent for the year ending October 2017 compared to 5.5 percent recorded in September 2017. This was because the products were available on market in sufficient volumes to cover consumers.

According to the report Fort Portal, Gulu and Arua towns registered the highest annual inflation in October of 8.1 percent, 7.0 percent and 6.7 percent respectively. But these were lower than the September points of 8.9 percent, 8.8 percent and 9.0 percent respectively.

Compared to other towns surveyed in October, the report says, Jinja, Masaka, Mbarara and Kampala had the lowest inflation of 3.1 percent, 4.4 percent, 4.8 percent and 4.8 percent, respectively. The figures came down as the supply of goods and services increased bringing down prices.

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The Doing Business 2018 report released Tuesday in Washington DC unveils Uganda as one of the countries that have performed poorly, positioned at 122 for the ease of doing business out of 190 countries considered.

Uganda came behind her neighbours Rwanda, Kenya and Tanzania, with Rwanda coming in position 41, making it East Africa’s top country in the ease of doing business.

The Doing Business 2018 based on indicators; starting a business, dealing with construction permits, getting electricity and registering property. On the indicators implemented from June 2016 to June 2017, Uganda came in positions 165, 148 and 124 respectively.

However was recognised for reducing time for export documentary compliance and border compliance by allowing for electronic document submission and processing of certificates of origin and by further developing the Malaba One-Stop Border Post.

Kenya was recognised as it made starting business easier by merging the procedures required to operate formally.

On the other hand Tanzania made dealing with construction permits easier by implementing a One-Stop Shop and streamlining the building permit process.

Rwanda increased quality control during contruction by introducing risk-based inspections.

Meanwhile Burundi was noted as it made starting business more expensive by increasing the cost of registering business.

Doing Business report focuses on promoting regulatory reform that strengthens the ability of the private sector to create jobs, lift people out of poverty and create more opportunities for the economy to prosper.

The report shows that Governments in 119 economies carried out 264 business reforms in the past year to create jobs, attract investment and become more competitive, says the World Bank Group’s latest Doing Business 2018: Reforming to Create Jobs report.

Developing countries carried out 206 reforms, accounting for 78 percent of the total reforms, with Sub-Saharan Africa implementing 83 reforms, a record for a second consecutive year for the region, and South Asia implementing a record 20 reforms.

A large number of reforms centered on improving access to credit and registering a new business, with 38 reforms each, as well as facilitating cross border trade, with 33 reforms.

Marking its 15th anniversary, the report notes that 3,188 business reforms have been carried out since it began monitoring the ease of doing business for domestic small and medium enterprises around the world.

“Job creation is one of the transformational gains that countries and communities can achieve when the private sector is allowed to flourish. Fair, efficient and transparent rules, which Doing Business promotes, improve governance and tackle corruption,” said World Bank Chief Executive Officer Kristalina Georgieva.

“Policy reforms catalyze private investment. Promoting a well-functioning private sector is a major undertaking for any government. It requires long-term policies of removing administrative barriers and strengthening laws that promote entrepreneurship,” Georgieva adds.

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