Sylvia Juuko
16 July 2008
Kampala — ABOUT 63,389 new jobs are expected from investment projects licensed this financial year, the Uganda Investment Authority has said.
Last year, about 53,963 jobs were expected, meaning that the number grew this year by about 17%, said Dr. Maggie Kigozi, the head of the authority.
Addressing journalists at the Media Centre in Kampala where she released this year's figures, Kigozi said the total value of investments was $1,984m (sh3.3 trillion). This is lower than the $2.2b (sh3.6 trillion) investments the year before.
She blamed the new figures on the post-election violence which rocked Kenya in the first half of the year, thereby crippling supplies of goods and services in the country.
This year, the areas which benefited from the investments were mainly energy, the financial services, real estate, transport and accommodation sectors.
Energy attracted the highest value of investment worth $685.7m, with 19 projects licensed.
The manufacturing sector, on the other hand, had the largest number of projects, with 148 of them licensed and valued at $500.5m.
In an attempt to attract even more investors, Kigozi said the authority would attend the North American convention in the USA later this year and market the northern part of the country to Ugandans in the Diaspora.
She said Ugandans abroad would also attend another investment conference in December in which opportunities in Uganda would be showcased.
Ugandans, Kigozi added, continued to be the major investors in terms of the number of projects. They put together 88 projects worth $896.4m. India followed with planned investments of $309.8m from 90 projects.
Kigozi listed the major challenges as insufficient energy, transport services and access to finance for domestic investment.
As part of a solution to such problems, about 200 Ugandan chief executive officers are expected to attend the East African business summit scheduled for July 17-19. President Yoweri Museveni is expected at the summit tomorrow.
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