Ugandan Diaspora Asks To Invest Back Home

1295 Views Kampala, Uganda

In short
Several speakers made the appeal during a half-day business meeting today at Kampala Serena Hotel. The meeting drew Ugandan diaspora from all over the world who engaged with representatives of various government agencies and local businesses.

Ugandans living and working abroad have been urged to seize various opportunities and invest back home.

Several speakers made the appeal during a half-day business meeting today at Kampala Serena Hotel. The meeting drew Ugandan diaspora from all over the world who engaged with representatives of various government agencies and local businesses.
 
The meeting encouraged Ugandan diaspora to invest in tourism, agro-processing, renewable energy and in government bonds.

Dr. Andrew Seguya, the Executive Director of Uganda Wildlife Authority (UWA), said tourism is one area the Ugandan diaspora should consider investing in because it still has vast lucrative opportunities, key among them being transport, both land and water,  and accommodation.
 
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According to Seguya, the biggest challenge the tourism sector faces is quality of services, adding that the Ugandan diaspora could use their experiences and expertise to provide better services.

Arnold Bagubwaye, the Assistant Director of Financial Markets at Bank of Uganda, appealed to the Ugandan diaspora to invest in government bonds because they have less risk and guarantee higher returns.
 
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Bagubwaye said the central bank is exploring ways of making it easier for the Ugandan diaspora to easily buy the government bonds.
 
Martin Lukwago, the Treasurer at Uganda Development Bank, said the biggest opportunities in Uganda lie in agro-processing. He said with 70 percent of foods in supermarkets imported, it would be great if the Ugandan diaspora invested in agro-processing which fetches a minimum of 30 percent in returns.
 
Peter Nyeko, a Ugandan diaspora in the United States, also owner of Gulu-based International Diplomatic School, said renewable energy is one area Ugandans living abroad need to exploit because it also has good incentives from government.
 
However, Ugandan diaspora raise concerns such as the increase in visa entry fee from 50 to 100 dollars, (about Shillings 330,000)  for dual citizens. They called on the government to review the matter, including the issue of dual citizenship.

Prof. Maggie Kigozi, former Executive Director of Uganda Investment Authority (UIA), who moderated the meeting, said poor infrastructure like roads, water, electricity and railway is the major challenge facing agro-processing industry.

She said with the problems being fixed it is only a matter of time before the sector picks up momentum.

 

About the author

David Rupiny
In his own words, David Rupiny says, "I am literally a self-trained journalist with over 12 years of experience. Add the formative, student days then I can trace my journalism roots to 1988 when as a fresher in Ordinary Level I used to report for The Giraffe News at St Aloysius College Nyapea in northern Uganda.


In addition to URN for which I have worked for five years now, I have had stints at Radio Paidha, Radio Pacis, Nile FM and KFM. I have also contributed stories for The Crusader, The New Vision and The Monitor. I have also been a contributor for international news organisations like the BBC and Institute for War and Peace Reporting. I am also a local stringer for Radio Netherlands Worldwide.


I am also a media entrepreneur. I founded The West Niler newspaper and now runs Rainbow Media Corporation (Rainbow Radio 88.2 FM in Nebbi). My areas of interest are conflict and peacebuilding, business, climate change, health and children and young people, among others."