By Tom Brian Angurini
The Uganda Investments Authority has listed 11 compelling reasons for investing in Uganda as one of the ways to attract investors.
This has been revealed by the UIA director general Robert Mukisa while launching the authority’s 2021-25 strategic plan for attracting foreign investments into the country.
He cited some of the reasons as strategic location in Eastern Africa accessing a growing regional market of over 160 million people and access to a rapidly growing middle-income domestic market.
Others, he says are a vibrant economy growing at an average rate of over 5% annually, benefit from liberal economic and foreign exchange policies and a range of investment incentives including; 75% import duty reduction on factory equipment, depreciating start-up costs over four years, and a 100% tax deduction on research and training costs as well as mineral exploration costs.
Additionally, 100% of training costs are also deductible on a one-time basis, and investors engaged in export-oriented production can also enjoy a 10-year tax holiday.
Mukiza added that there is abundant opportunities for partnerships with domestic investors, abundant oil and gas discoveries, a rich untapped minerals potential and agricultural raw materials coupled with a favourable weather patterns