The American Chamber of Commerce and the Uganda Investment Authority (UIA) signed a Memorandum of Understanding (MoU) on Wednesday to promote trade and investment between the two countries.
The agreement, according to the American Chamber of Commerce Uganda chapter president, Mike Davis and UIA Director General, Robert Mukiza, is meant to create favorable climate for economic activity and promoting Uganda as the premier investment destination in Africa for American investors.
“When we work together and collaborate, we bring opportunities to Uganda that will create jobs and additional revenue for the country. This MOU will enhance bilateral trade to further American investment in Uganda,” said Davis.
The MoU will last for five years and will offer opportunities for discussions on topics including policy, investment, subsidies, possible exemptions, local content standards, tax environment, policy implementation and policy review, among others.
Speaking at the signing ceremony, Mukiza said Uganda and America have always enjoyed amicable and investor-friendly relations.
“We have also very deliberately chosen the five-year mark to allow both the investors the chance to identify opportunities across the different sectors and be able to see the beginnings of their return on investment over that period,” said Mukiza.
He noted that the focus would be on aggressive and collaborative investment promotion, new story telling of Uganda’s vast investment opportunities, big data exchange and knowledge and technology transfer, among others.
“The MoU will be implemented with clear objectives, timelines for actions, key performance indicators and yearly reviews,” he said.
The US Mission in Uganda described the development as a landmark moment to benefit both Uganda and the U.S.
“The U.S Mission in Uganda congratulates the American Chamber of Commerce and the Uganda Investment Authority on the signing of a landmark Memorandum of Understanding for the benefit of the American and Ugandan people,” reads a statement from the embassy.