In short
Ann Maria Nankabirwa the Kyankwanzi Woman MPhas called for the establishment of a Government monitoring Department for potential Investors.
Kyankwanzi Woman MP Ann Maria Nankabirwa is calling for the establishment of a special government department to scrutinize and monitor investors.
Nankabirwa says Uganda Investment Authority, in its current status, does not have the capacity to track down investors after the issuance of investment licenses. Her comments are based on the discomfort among Ugandan businessmen, on the growing number of petty traders, especially Chinese nationals, posing as investors across the country.
Although there is no official record on the number of Chinese traders in Kampala, it is estimated that there are between 10,000 and 50,000 small time Chinese traders who have traveled thousands of miles from China in search for greener pastures in Uganda.
Their presence in retail business in the country sparked off a strike by traders operating under Nakasero Hardware Businessmen Association in downtown Kampala recently. The strike paralyzed business in the areas known to have a high concentration of Chinese and Indian nationals running retail outlets.
Nankabirwa says government need to undertake thorough investigations to ascertain ownership of all businesses in the Country and ensure that there is regular monitoring on the progress of initiatives undertaken by licensed investors.
//Cue in: "What happens to...
Cue out...investment licenses why?"//
In November, 2016, members of the Trade Committee of Parliament issued a three months ultimatum to foreigners in retail businesses to either invest in bigger projects or voluntarily return to their countries. The decision followed a petition submitted to parliament by Uganda traders under the umbrella Kampala City Traders Association-KACITA.
However, the ultimatum elapsed without any action against the traders.
Last week Trade Minister Amelia Kyambadde observed that Uganda does not have any legal provision for excluding foreign traders from running businesses within the country.
Kyambadde said Cabinet is discussing the best possible way of eliminating foreign nationals from petty businesses after realizing that existing laws and policies did not provide for any kind of exclusion. Kyambadde says a committee was formed in January to examine the issues raised by indigenous Ugandan traders in relation to the influx of investors.
Nankabirwa says Uganda Investment Authority, in its current status, does not have the capacity to track down investors after the issuance of investment licenses. Her comments are based on the discomfort among Ugandan businessmen, on the growing number of petty traders, especially Chinese nationals, posing as investors across the country.
Although there is no official record on the number of Chinese traders in Kampala, it is estimated that there are between 10,000 and 50,000 small time Chinese traders who have traveled thousands of miles from China in search for greener pastures in Uganda.
Their presence in retail business in the country sparked off a strike by traders operating under Nakasero Hardware Businessmen Association in downtown Kampala recently. The strike paralyzed business in the areas known to have a high concentration of Chinese and Indian nationals running retail outlets.
Nankabirwa says government need to undertake thorough investigations to ascertain ownership of all businesses in the Country and ensure that there is regular monitoring on the progress of initiatives undertaken by licensed investors.
//Cue in: "What happens to...
Cue out...investment licenses why?"//
In November, 2016, members of the Trade Committee of Parliament issued a three months ultimatum to foreigners in retail businesses to either invest in bigger projects or voluntarily return to their countries. The decision followed a petition submitted to parliament by Uganda traders under the umbrella Kampala City Traders Association-KACITA.
However, the ultimatum elapsed without any action against the traders.
Last week Trade Minister Amelia Kyambadde observed that Uganda does not have any legal provision for excluding foreign traders from running businesses within the country.
Kyambadde said Cabinet is discussing the best possible way of eliminating foreign nationals from petty businesses after realizing that existing laws and policies did not provide for any kind of exclusion. Kyambadde says a committee was formed in January to examine the issues raised by indigenous Ugandan traders in relation to the influx of investors.
