The Head of the State House Investors Protection Unit (SHIPU), Col. Edith Nakalema yesterday met and held fruitful discussions with a delegation of Eritrean investors in Uganda.
The investors are generally into hospitality, technology, energy and manufacturing.
During a meeting held at SHIPU’s office in Kampala, Col. Nakalema assured the investors of Uganda’s commitment to ensure that their businesses thrive in the East African country.
“H.E the President of Uganda directed us that whoever adds value to the economy of Uganda is not delayed or diverted or falling in the arms of the wrong elements,” she said.
“Our work is to ensure that we coordinate with the government agencies like the State House Anti-Corruption Unit to protect you.”
Col. Nakalema also tasked the investors to make good use of Uganda’s Electronic Investors Protection Portal (EIPP) which is managed by SHIPU, aimed at empowering investors to get authentic information, inquire, verify and receive feedback.
“We have an online service – the EIPP, you can always use it at your convenient time.”
Col. Nakalema also commended the investors for investing in Uganda, emphasizing their core role in the development of Uganda.
“I’m happy that you are continuing to expand your businesses in Uganda.”
She also hailed President Yoweri Kaguta Museveni for investing heavily in the infrastructure of Uganda, an attribute that encourages investors to set up more businesses around the country.
“Above all peace and stability are key. President Museveni’s government has ensured that for the last decades there have been no wars in Uganda, and they will not come at any later stage. Stability is assured and Uganda is the best for investment,” she urged.
“Uganda is one of the fastest growing economies in the world. We have a fertile ground for investment. Please invest more.”
Mr. Ezra Chebrengus who led the delegation, pledged that as leaders of Eritreans in Uganda, they will encourage more of their colleagues to come and invest in the country.
“We have many other colleagues in other countries like Kenya doing business, we shall bring them to invest in Uganda,” Mr. Ezra the Managing Director of Ezra Group said.
He also commended the President for his visionary leadership that has seen Uganda transform socially and economically.
“We are Ugandans, this is our home, and we are Pan-Africans that’s why we also regard East Africa as our home.
Another investor, Mr. Tesfalem Gherantu who owns Casablanca and Geza Poultry Farm appreciated the government of Uganda under the wise leadership of Uganda for the peace and security as well as the conducive investment climate that has enabled their businesses to thrive.
“We now call Uganda home. Many Eritreans are here because of the peace and security and more so the people of Uganda are so friendly. That’s why we always invest our money here,” he said.
“Uganda is very stable, and we commend it for being stable for the last 40 years because it is not easy.”
He also highlighted how Eritreans are highly contributing to Uganda’s Foreign exchange.
“We trust the people of Uganda and the government, that is why we are here. At least 70 percent of Ugandan exports to South Sudan are by Eritreans. It’s not only South Sudan but we are also contributing when it comes to exporting to other countries like DRC, Burundi and Rwanda,” he remarked.
In the same meeting the investors highlighted some of the challenges they face as they go about their businesses such as diversion of their money by banks, delay in tax waivers and renewal of licenses.
They said some banks divert or hold their money in accounts for so long and by the end of the day, the cost of doing business becomes high.
In response, Col. Nakalema pledged to work with the line-authorities to ensure that the challenges are solved.
“It’s our work to ensure that we coordinate with the Central Bank so that people don’t lose their money. Write to us about those banks where you have got challenges so that we can intervene,” she noted.
“About delayed tax waivers and renewal of licenses, we shall coordinate with authorities to deal with the challenges.”
