Newslex Point News in Uganda, Uganda news
Uganda has solidified its position as the leading destination for Foreign Direct Investments (FDI) within the East African Community, as unveiled in the 2024 World Investment Report by the United Nations Conference on Trade and Development (UNCTAD).
UNCTAD’s report attributes Uganda’s remarkable success in attracting foreign investments to its investor-friendly environment, specifically highlighting the ease of establishing businesses.
Uganda’s adoption of the digital single window model emerges as a standout feature, streamlining business registration, clearances, and tax payments. This seamless integration facilitates a more efficient and appealing investment process for global investors.
While Kenya has implemented similar technology, its coverage falls short of Uganda’s comprehensive approach. The Kenyan system lacks integration with county governments, leading to additional hurdles for investors when applying for licenses.
Enhanced facilitation needed to address economic challenges
UNCTAD emphasizes the pressing need for enhanced facilitation to elevate investment levels in Kenya. The report highlights the interconnected economic, health, security, and climate challenges that necessitate streamlined processes and reduced barriers for investors and entrepreneurs.
Uganda’s streamlined, investor-friendly approach sets a benchmark for the East African region, demonstrating how efficient processes can significantly enhance a country’s investment appeal.
By leveraging its digital single window model and other investor-friendly policies, Uganda not only boosts its economic growth but also positions itself as a key player in attracting international business within East Africa.
While Kenya remains a significant player in the region, it must address bureaucratic inefficiencies to remain competitive. By integrating systems at all levels of government and simplifying the licensing process, Kenya has the potential to reclaim its standing as a leading destination for FDI in East Africa.
Uganda’s rise as the top destination for foreign investments in East Africa serves as a potent reminder of the critical importance of efficient, integrated systems and investor-friendly policies.
Neighboring countries must streamline their processes and reduce barriers to attract and retain global investors, following Uganda’s example.
Check also;
- Indian Investors Announce 250 Scholarships For Ugandan Students
- Museveni Attracts Turkish Investors To Uganda
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
