By Felix Oketcho
The Uganda Investment Authority (UIA) has launched its Domestic Investment Division (DID), a special-purpose vehicle for promoting and deepening domestic investments in Uganda.
UIA, which has been perfecting the DID for the last few years, today launched it at a ceremony presided over by the State Minister of Finance (Privatisation and Investment), Hon. Evelyn Anite.
The objectives of the Domestic Investment Division include promoting an enabling environment for domestic investors (SMEs) by encouraging collaboration with investment and business support agencies.
Launching the division, Minister Anite said UIA through the DID will contribute significantly to Uganda’s $500 billion by the end of National Development Plan IV starting in 2026.
Minister Anite said Ugandans, and especially domestic investors, are central to Uganda’s industrialization and economic growth and development, hence the significance of the DID, adding that “it’s the role of UIA to support that process by creating an enabling environment”.
The Minister encouraged domestic investors to access affordable financing offered by the Government of Uganda, as well as development partners, like through the Uganda Development Bank, Bank of Uganda (Agricultural Credit Facility and Small Business Recovery Fund), and Parish Development Model.
Others are Investment for Industrial Transformation and Employment (INVITE) and Generating Growth Opportunities and Productivity for Women Enterprises (GROW) projects, both funded by the World Bank through the Private Sector Foundation Uganda (PSFU) and Ministry of Gender, Labour and Social Development, respectively.
The Chairman of the Board of UIA, Morrison Rwakakamba, said Uganda’s upcoming National Development Plan IV, which targets an economic growth rate of 10% and a GDP of $500 billion will be driven by Ugandans mainly through domestic investments.
Rwakakamba said: “We’re seeing an interesting trend in Uganda’s business sector growth. Ugandan billionaires are transitioning from trading to real estate to big-time industrialists. In Namanve Industrial Park you get big factories like Mariana, Ntake, Luuka and Bella all started by one-time traders”.
Rwakakamba said UIA is taking a long focus on domestic investments because that is what Uganda’s economic growth and development will depend on sustainably.
The Director General of UIA, Robert Mukiza, said the Domestic Investment Division will not only serve domestic investors but also ensure they graduate into successful investors capable of adding value to raw materials, creating jobs and contributing to the economic development of Uganda.
Mukiza encouraged domestic investors to make the most use of the UIA One-Stop Centre for Investors ( www.ebiz.go.ug ), stressing that the Centre, with its 15-plus investment and business agencies, is there to simplify the work of investors.
Mukiza said: “UIA, as a One-Stop Centre, is there to do the running around for you as you focus on investing, adding value to our raw materials, creating products and jobs and contributing to Uganda’s economic growth and development”
The acting Director of the Domestic Investment Division, Richard Nuwenyesiga, said the division is creating a pool of profiled domestic investors in various sectors who can be matched with international investors, financiers, capacity builders and other investment and business support services.
He added that a key objective of the Uganda Investment Authority is to increase the value of domestic investment from 24.4% to 50% by the end of 2025 by supporting initiatives like business linkages, import substitution, promoting export-oriented industries, and improving SME competitiveness, amongst others.