KAMPALA — The Uganda Investments Authority, (UIA) has promised to promote the herbal treatment solution Covidex, a local innovation of Professor, Patrick Engeu Ogwang.
The popularity of Covidex was reflected in the skyrocketing price of the 20 millilitre bottle of the solution from UGX. 3,000 to up to UGX 80,000 after it had been approved by the National Drug Authority (NDAl.
UIA says it will facilitate the development of herbal medicine and Prof Ogwang’s company, Jena Herbals Ltd.
UIA and Ogwang “will explore a range of issues including the issuance of an Investment License, investment incentives, formalization of Covidex and other medicinal products, investment and business support, amongst others,” says a statement from the UIA.
Robert Mukuza, the new Director-General of UIA vowed the put domestic entrepreneurs on top of the development agenda.
“Under my leadership, the UIA will play a critical role in awakening Ugandans into the modern money economy, to “secure their future” through, pursuing several priorities which are in line with the National Development Plan III and the current UIA strategic plan. We will also prioritize the needs of our domestic investors and Micro, Small and Medium-Sized Enterprises, focus on creating jobs and wealth for our youth and improve the agility and customer responsiveness of the UIA- to the needs of investors,” said Mukiza
UIA is a government agency set up under the Investment Code 1991 mandated to initiate and support measures that enhance investment in Uganda and to advise government on appropriate policies conducive for Investment promotion and growth.
The authority is also mandated to issue Investment licenses and secondary approvals for investors as well as helping them to implement their project ideas through assistance in locating relevant project support services