According to the Vice President Mr Edward Ssekandi, investment profiles seek to deepen outreach and dialogue to support socio-economic transformation in the Rwenzori region through investment promotion. PHOTO/COURTESY
Government will spend Shs77b on 29 new business industrial parks in different parts of the country.
The new parks will bring the number of industrial parks in Uganda to 32.
Speaking at the launch of Rwenzori Investment Profiles, State Minister for Investments Evelyn Anite, said the parks are expected to create two million jobs and priority centres.
“When completed, the 29 parks are expected to create two million jobs and will create both backward and forward linkages in the priority sectors of the economy,” she said, noting that government has so far secured land in different regions including 280 acres in Koboko to kick start the projects.
Finance Minister Matias Kasija, said investment was an important aspect of the economy through which government realises both short long term plans. For instance, he said, during Covid-19, which has ravaged the global economy, investments in different sectors of the economy earned Uganda $1b, which largely lifted the economy out of a slump.
“My struggle is to make $2b by early next year so that the economy can recover quickly,” he said.
In a speech read by Vice President Edward Sekandi, President Museveni, said investment profiles, which cover the nine administrative units of Rwenzori including Bundibugyo, Bunyangabu, Kabarole, Kamwenge, Kasese, Kyegegwa, Kyenjojo, Kitagwenda and Ntoroko, as well as Fort Portal, will go a long way in providing information to potential investors and selling the region.
The profiles will focus on agriculture, tourism, infrastructure and services, minerals and extractives and human capital development, among others.
Investment profiles, he said, seek to deepen outreach and dialogue to support socio-economic transformation in the Rwenzori region through investment promotion, noting the are aligned to the National Development Plan III, which opens up vast opportunities and potential of the region.
Previous failure
Government has not done well with facilitating industrial parks, which are a key aspect in industrialisation.
For instance, works at Namanve Industrial and Business Park and such others parks, have been slow.
Donors, such as the World Bank, have at some point had to withdraw support from such projects because of corruption and lack of government will to ensure that established procedures are put in place.
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