KAMPALA —Uganda Investment Authority (UIA) has announced a partnership with Ugandan Diaspora Network to Organize the diaspora investment events in Kampala.
Dr. Maggie Kigozi who is the patron has confirmed the upcoming 9th Annual Ugandan Diaspora Business Breakfast is scheduled for Friday December 27 and that it will be followed by what has become a signature Ugandan Diaspora Social Networking Gala on Saturday, December 28.
Both events will take place at the Kampala Serena Hotel.
Mr Lawrence Byensi, the
Ag Executive Director at UIA said both events are to inform the Ugandan Diaspora about the status of investment in the country and investment opportunities so that they can invest back home.
According to the World Bank 2018 Report on migration and remittances, Ugandans from the Diaspora globally remitted US$ 1.4 billion in 2017 with a decline to US$ 1.3 billion in 2018.
The amounts translate to about 5% of Uganda’s GDP of US$ 27.9 billion.
Mr. Byenis said this goes to how important Diaspora remittances are and UIA’s aim is to assist in channeling these into investment that should provide the remitters with high returns for their savings or money sent home.
“It is important to note that most of the money sent by Ugandans in the Diaspora goes directly into the households, thereby improving the population’s welfare and providing for cheaper funds to invest in productive activity,” he said.
Over years since 2004, he said Ugandans in diaspora have heavily invested various sectors including agro processing, real estate development, renewable energy, commercial agriculture and services like education and health.
He added: “It has been a joint effort with a number of stakeholders to promote and facilitate investment and UIA is grateful for the partnerships that have yielded positive results.”
Official said both events this year will be an opportunity to discuss the status of a number of government initiatives to make the investment and social environment more enabling for Ugandans in Diaspora to do business back home.
Mr Byensi said UIA has a dedicated Investment Desk for the Diaspora and he invited all interested in Diaspora investment activities to use it.