Joseph Olanyo
5 March 2003
Kampala — The corrupt practices of Ugandan businesses are deterring foreign investors, the American Ambassador, Jimmy Kolker, has said.
Addressing manufacturers during a luncheon held at the UMA Conference hall last week, Mr Kolker said that investors have a poor opinion of Uganda's businessmen.
"Uganda is a leader in so many areas, but in business practices, its reputation is poor," he said. " Investors know that there is corruption in Uganda. They know that there are firms, which keep two sets of books, one for the Revenue Authority and the other to run the business. Do you expect them to invest in your business or to loan you money if you are keeping two sets of financial records?"
"For you, the most important responsibility you have to improve Uganda's investment environment and attract foreign investment is to clean up your own ranks," the US envoy said.
Mr Kolker said that the US mission to Uganda is doing a lot to help businesses, adding that the USAID mission has a programme with seven local banks to provide a guarantee for loans within the $100,000 to $500,000 range.
Mr Abid Alam, the UMA chairman, said the quarterly luncheons are aimed at promoting networking among manufacturers. The function co-sponsored by Century Bottlers Ltd, Sheraton Kampala Hotel, Delight (U) Ltd and Roofings Ltd, attracted 250 guests, mostly entrepreneurs.
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