INAUGURAL MAMMOTH PRESIDENTIAL INVESTORS' CONFERENCE ATTRACTS MULTI-SECTORAL WHITE-PAPER FEEDBACK

MUSEVENI REITERATES GOVERNMENT'S COMMITMENT TO SUPPORT INVESTORS

redpepper.co.ug, November 29, 08:04PM | President Yoweri Kaguta Museveni has reassured investors of the government’s commitment to support them so that they help the country to steer its socio-economic development agenda.

YouTube Video │ UBC : Presidential Investors' Conference | November 29, 2023.

 

“The Ministry of Trade, Industry and Cooperatives should capture information of all these people so that we give them support because these are not very difficult to support,” he said.

The President made the remarks today during the Presidential Investors Conference at Kololo Ceremonial Grounds.

The one-of-a-kind investors conference enabled President Museveni to meet face to face with investors from across Uganda who operate from several sectors such as agriculture and value addition, manufacturing, services and ICT. The President and the participants discussed pertinent issues aimed at boosting investments in the country.

During the interaction, President Museveni explained that the investment atmosphere in Uganda starts with raw materials.

“The raw materials are in the following areas. Number one is commercial agriculture where mainly Ugandan's produce agricultural products that need processing and as we talk even today, we have got many candidates for processing like coffee, fruits, cereals like maize, cassava, bananas, Irish potatoes, cotton, beef, milk, leather and so on,” he said.

“Therefore, this is one cluster of opportunities to add value to all those and there are sectors which are good examples. You take the sector of milk where I have been involved since the 1960s when I was a student leader mobilising the people in Ankole to get out of lack of money because they had land and cows but no money and that is how we started that campaign. The milk sector started with zero; when we came into government in 1986, we were importing powdered milk for the towns from Denmark but Uganda now is producing 5 billion litres of milk a year and much of it is being processed.”

The President reaffirmed that the investors especially in the commercial agriculture sector have potential to develop and the government is willing to help them achieve their goal.

“As long as they can prove to you as the Industry Ministry that they have the market where to sell these products, we can plan to support them. And even if we don’t have enough money, we can support them in part because these people are ready to add value.”

President Museveni further directed the Minister of State for Industry, Hon. David Bahati to get a list of investors especially in the milk, fruit and fisheries sectors so that the government can see a way to support them.

“When we are talking about investment, we are talking about linking the Processors /manufacturers with the raw material producers. Now apart from commercial agriculture and the mining sector, then you go to the service sector like hotels, transport,healthcare. Those also need a clear channel,” he asserted.

“What I would like to advise is that don’t undercook what you are doing, take these products like milk as cash products. With the milk now, the whole chain is organised. Similarly, if it is like fruits, we are also sure that even with 1 acre you can get Shs.60m each year. Therefore, that chain should be completely linked. The factory should be linked with farming so that the factory has got enough raw materials and the farmers have enough money.”

President Museveni also disclosed that the government in one year has injected USD 230 million in Uganda Development Bank (UDB) to help investors who need support.

“The problem is not money, the problem is organisation and linkage,” he said.

“Now, once you handle the issue of money, then the other issue is infrastructure. The government is handling that. When we finish infrastructure, then we focus on the market. The Ugandan and East African Community market is there and that of Africa, even that outside Africa.”

President Museveni on the other hand urged the investors to take advantage of the 25 Industrial parts across the country to set up factories.

“Those who want to work, the industrial park land is available free of charge.”

The Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija thanked President Museveni for shepherding Uganda amidst global challenges occasioned by Covid-19, war in Ukraine, floods in Uganda among other shocks that have strained the economic flow.

“Your Excellency, your steady leadership has kept the economy resilient with low inflation rate and increasing investment flow in the areas of agriculture, value addition manufacturing, ICT, oil and gas, tourism and services,” Hon. Kasaija said.

He also informed the President that the Presidential Investors Conference is aimed at discussing and finding solutions to the challenges of doing business in Uganda and the region.

“Your Excellency, the government has undertaken significant reforms to streamline processes and reduce bureaucratic hurdles. Our goal is to make it easier for investors to set up and operate their businesses in Uganda,” Hon. Kasaija said.

“The Uganda Investment Authority (UIA) One stop center is a testimony to this, and it serves as a single point of contact for all, ensuring a swift process for investors. The one stop center is designed to facilitate a seamless experience for investors providing a range of services under one roof. Whether it is a company registration, tax permits for environmental impact assessment or work permits, our team at the one stop center is here to assist you at every step. This approach saves time and reduces the cost of doing business, thus making Uganda an attractive destination for investments.”

The Minister added that apart from the one stop center at UIA, the Ministry of Trade has also approved a series of approaches to improve the business climate in Uganda like simplifying tax procedures, enhancing infrastructure like electricity and investment in human capital development.

The Minister of State for Investment and Privatisation, Hon. Evelyn Anite noted that the conference is meant to help resolve the challenges affecting the investors in the country.

“I want to thank you, Your Excellency, for saying that we should continue with the program, and we listen to the challenges of the investors which you codenamed Baraza. We will go ahead with the presentations and answer some of the issues they had raised to the government before,” she said.

The conference was also attended by the Minister of Justice and Constitutional Affairs, Hon. Norbert Mao, the Minister of Internal Affairs, Maj. Gen. Kahinda Otafiire, the Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, Mr.  Ramathan Ggoobi, the  

Uganda Revenue Authority (URA) Commissioner General, John Musinguzi ,

 UIA leadership, foreign and local investors, among others.

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COUNTER-ILLICIT FINANCIAL FLOWS COURSE MOOTED IN A BID TO ENABLE UGANDA MIGRATE FROM ITS CURRENT GREY LIST RANKING

Bankers institute, Police launch training course as Uganda fights financial grey list

independent.co.ug, September 16, 2023, Kampala, Uganda | THE INDEPENDENT | Uganda’s financial industry is still a step away from being internationally blacklisted over safety concerns, more than three years after the alarm was sounded by the Financial Action Task Force, FATF.

FATF, an intergovernmental organization that monitors the global financial industries for financial crime, examined Uganda’s progress in making the industry safer and still found it wanting, and the approved action plan expired in May 2022.

Actions required for Uganda to avoid the blacklist or improve from the grey list included new laws, policies, regulations, and institutional capacity to prevent or curb financial crime like money laundering, illicit financing, and terrorism funding. A new deadline of June 2023 was issued to Uganda after failing to fulfill the FATF requirements.

“FATF strongly urges Uganda to swiftly demonstrate significant progress in completing its action plan by June 2023 or it will consider next steps if there is insufficient progress,” reads a FATF country assessment brief. The Financial Intelligence Authority (FIA) vowed to exit the grey list by the end of this year.

Fiona Nabaggala, the Director, Compliance said the FIA together with the Bank of Uganda and other authorities have handled most of the requirements. These include the legislation required, with only the outstanding issue being the submission of the beneficial ownership information which she expects to be completed next week. She says the grey-listing of Uganda is taking a toll on Uganda.

Last year, the government commenced the legislation process in response to the FATF recommendations and enacted the Ant-Money Laundering (Amendment) Act, to provide for penalties and other issues, the Anti-Terrorism (Amendment) Act to provide for financial sanctions, and the Companies (Amendment) Act providing for information of beneficial ownership.

These, she says, are also aimed at protecting the image of the financial industry and the country’s investment terrain.

Nabaggala was speaking at the launch of the Anti-Money Laundering and Counter-Terrorism Financing Course targeting staff in the banking industry. Being on a grey list usually results in high costs on electronic and financial transfers of commercial banks, large costs on processing letters of credit, and an increase in transaction fees and overseas remittances with reduced dollar inflows.

When the June deadline was given, the Deputy Executive Director of Uganda’s FIA said, “We are optimistic to exit by year-end. The items remaining are very few, though the language/wording FATF used on a statement for Uganda has become much stronger.”

Nabaggala says that currently, there is hope that the country will soon be off the grey list, considering the achievements reached, including having in place sanctions against banks that do not comply.

The grey list which is based on the readiness, or lack of it, of a country to prevent the global anti-money laundering and countering the financing of terrorism consists of countries with significantly weak enforcement regimes.

The global body, FATF urged Uganda to respond quickly to risk further punishment “The FATF expresses concern that Uganda failed to complete its action plan, which expired in May 2022. It strongly urges Uganda to swiftly demonstrate significant progress in completing its action plan by June 2023 or it will consider next steps if there is insufficient progress,” reads a FATF country assessment brief.

On what it means to be on a grey list, Edwin Nakaana Ssenyonyi called for the sensitization of Ugandans and those in responsible positions, about the consequences of being on the grey list.

According to him, it stifles investment flows into the country, delays international transactions, and even discourages remittances, and while it acts as a warning, jurisdictions like the European Union actually immediately blacklist the country, the reason it is hard to get money transfers from the EU into Uganda.

Nakaana says they have been working with the regulated financial institutions and the BOU has issued the list of dos and don’ts, with penalties prescribed. He adds, however, that the Bank is also developing its own list of penalties to make the regulation even stronger.

South Africa and Nigeria were added to the grey list which also includes other African nations such as Tanzania, South Sudan, Burkina Faso, Mali, Mozambique, and Senegal.

Recently Morocco and Cambodia were removed from the list after they successfully implemented new compliance measures, while North Korea and Iraq are on the black list.

Michael Mugabi, the Chairperson, of the Uganda Institute of Banking and Financial Services said the Banking industry is at the centre of money laundering risks, hence the need to take the measures lightly.

He said there was a need to intensify trading all banking staff about the crime as a way of insulating the industry.

Nabaggala said the main challenge to the industry in the fight against financial crime is the always-changing technology, which means there is a need for constant upgrades of systems.

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DR. DAN TWEBAZE, THE TWED PROPERTY MAGNATE PLEDGES TO SPONSOR UGANDA'S TRUST LAW REVIEW CONSULTATIVE MEETINGS GEARED AT BENCHMARKING GLOBAL BEST PRACTICES

Property Developer Dan Twebaze To Sponsor Review Of Trusts Law

Courtesy/File Photo: Dr. Dan Twebaze is the Managing Director, Twed Property Development

watchdoguganda.com, August 18, 2023, 11:54AM | Dr. Dan Twebaze, the Managing Director, Twed Property Development has volunteered to sponsor three consecutive consultations in the review of Law of trusts, which governs property ownership and development in Uganda. The current law of trusts in Uganda is lacking according to legal experts who recently held a consultative meeting on Tuesday and Wednesday, organized by Uganda Law Reform Commission (ULRC), at Kampala Hotel Africana.

Dr. Twebaze said the Law of trusts is very important to attract investors in the country, calling upon legal experts to expedite the review of the current law, as it lacks both content and substance.

“As Twed Property Development, we are willing to fund the next three consultations on the Law of trusts to create a fair Law of trustees in Uganda,”he said, amidst applause from participants at the consultative meeting.

ULRC defines a trust as a relationship that arises whenever a person called the trustee, holds property for the benefit of some other persons who are termed beneficiaries. Dr. Twebaze argues that; the Law of trusts in Uganda does not protect investors on customary land because it’s not their property.

“The Law of trusts needs to be amended to expand the powers of the trustee if we are to promote investments in Uganda,”he added.

Robert Kirunda, a Legal consultant on the Law of trusts at the meeting, labored to explain the bottlenecks of the Law of trusts in Uganda at the moment. He said trusts Laws are one of the underrated Laws in Uganda because the Law has a lot of what he termed as “Ambiguity”.

He said the Law of trusts does not clearly spell out the powers of an estate administrator, when it comes to transfer of ownership to another person.

“Can an administrator of an estate give powers of Attorney to Another person? The powers are supposed to be given by a competent court,”he said.

Dr. Ronald Kakungulu Mayambala, during panel discussions, said Uganda Law of trusts conflicts with some foreign Laws, which discourages investors.

“For example, traditional courts are also recognized in Uganda to handle matters of trusts, especially on inheritance of property of dead family members, which may contradict with some foreign Laws regarding inheritance,”he said.

Dr. Kakungulu in addition said the Ugandan Law of trusts on inherited property has been invaded by greed, where those entrusted with holding property on behalf of a family end up selling off or grabbing the property fraudulently.

“We have been invaded by a strong culture of greed, especially on land issues. We should come up with a Law to deal with distrust,”he said.

He said there is also a need to ensure the Law of trusts addresses the traditional trustees and allows trustees powers to take decisions, instead of going by the will of the dead people, especially on matters of property inheritance.

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UGANDA : PENTAGONAL EXECUTIVE ORDERS DESTINED TO REVAMP EXPORTS, TOURISM AMONG OTHERS IN THE WAKE OF GLOBAL DEPRESSED ECONOMIES

Museveni Issues 5 Orders on Export, Tourism Promotion

State House, Entebbe, chimpreports.com, April 19, 2023, 11:42PM | President Museveni has expressed the need to support the private drive to increase Uganda’s export earnings.

File Photo/Courtesy: President Museveni  meeting private Sector players and Government officials at State House, Entebbe, on Wednesday, April 19, 2023.

In his maiden Quarterly address to the country that focused on supporting the Tourism sector delivered at State House Entebbe on Wednesday, the President issued five directives that will see Uganda’s image presented in a more welcoming way to the world.

These include setting up Uganda Trade Hubs at Airports and aerodromes across the country, tarmacking the four export aero drones, training of staff in the hospitality industry about Uganda’s tourist locations and government institutions to harmonize communications on the matter of tourism.

The other directive was for Kampala Capital City Authority (KCCA) to give monthly updates on the clean-up, repair and maintenance of roads in the city.

YouTube Video │ Ben ─ Live : Museveni's fresh directives for Entebbe International Airport and Kampala City. For immediate Action.

The President directed KCCA to follow the Parish model approach and have at least one Garbage truck for each of the 99 parishes, 10 garbage skips per parish and four skip-loaders per division.

He directed the ministry of Finance to urgently release the quarterly contribution to KCCA of Shs 6bn for pot-hole filling, repairs and maintenance of roads.

“I have been told only 30% of this money has been released this financial year causing roads outside the AFDB project to fall into bad disrepair with attendant problems of traffic jams. The 41 African Development Bank (AFDB) city roads project will continue for the next four years to improve the city transport,” said Museveni , adding that all cities, starting with Kampala, should have ‘lost and found’ locations and accessible places of conveniences for tourists and this should be replicated in the districts of Kabarole, Gulu, Mbarara, Soroti, Arua, Masindi, Mubende, Kabale and other locations usually frequented by tourists.

Trade Hubs

On setting up of Uganda Trade Hubs, the Head of State directed the Civil Aviation Authority (CAA) and the Ministry of Works to work with the private sector and set up these Hubs starting at Entebbe International Airport.

The Hubs will be composed of coffee, chocolate, Uganda leather products, sugar, fruits, vegetables, dairy, beef, poultry, etc., and will be places for content about Ugandan on Tourism and hospitality.

“The Trade Hubs will be ran by the private sector and they will be the basis for mapping more than 10,000 tourist attractions in Uganda. Many of you know, our country has the best weather, holds the world’s most powerful waterfalls, it has some 54% of all existing mountain Gorillas and has the highest block of mountain ranges on the continent,” Museveni noted.

He emphasized that the Trade Hub and private sector will work with Uganda Airlines, internet and other media channels to produce and provide content on these sites and more in collaboration with the ministry of Tourism and its institutions of Uganda Tourism Board (UTB) and Uganda Wildlife Authority (UWA).

According to the President, the Hub idea will be replicated at all aerodromes across the country wherever tourists land, including the border points.

The President added that the Trade hubs will also be in Belgrade, Serbia, the Uganda UN mission in New York, Uganda High commission in London, Uganda High Commission in Kinshasa, Uganda missions in Brussels and South Africa, Uganda mission in Beijing, Uganda mission in the UAE and Uganda mission in India.

On tarmacking the four export aerodromes of Pakuba, Kasese, Kidepo and Kisoro with hard surfaces and other appropriate facilities to allow arrivals that don’t need to first get to Entebbe airport, the President also directed that aerodromes should have international codes to allow tourists booked directly to the game parks.

“The CAA should work with the private sector and the ICAO and IATA, where necessary, to gazette and improve safety standards so that these aerodromes can be given international codes,” the President said.

He also directed the Uganda Communications Commission (UCC) to work with telecom operators to provide broadband internet in the game lodges and in the aerodromes including 5G networks for places like Hospitals, hotels and educational institutions.

All the border points according to President Museveni, starting with Malaba, Mpondwe, Elegu, Mutukula should be treated as export and tourism points and have the private sector involved in the design and set up of the Hubs.

He directed the ministry of Works and Transport to have information points, Automated Teller Machines (ATMs) for those who need to change or withdraw money to pay at the road tolls.

“When visitors arrive after midnight and are unable to exchange money at the airport, how will they use your road toll if you don’t provide facilities for them?”  Museveni wondered.

The President wants every high category visitor who comes to Uganda for a week to at least spend USD10,000 in Uganda after providing them with better information.

He said the Non-Aligned Movement international Conference that Uganda will be hosting in January 2024 will attract visitors from over 100 member countries meaning, hotels and booking agents should be preparing to take advantage of this opportunity to attract more arrivals.

At the same meeting, the President launched the Trade Frontier Fund (TFF) which will help exporters to underwrite their invoices and provide them with working capital.

He thanked the committee on exports for finding ways to leverage and match the funds given to them and for connecting with scientists to commercialize their findings with the private sector.

“I thank the Private sector Foundation, the UNDP and others who have joined the effort to increase our exports, drive manufacturing and industry and to support the private companies,” said Museveni.

At the same meeting, President Museveni welcomed a delegation from the Republic of Serbia led by their Minister of Trade Hon. Tonislav Momirovic and thanked them for choosing Uganda as a partner to improve trade relations.

Mr Tonislav delivered a message from the President of Serbia Aleksandar Vučić to President Museveni.

“I thank them for bringing us processors of pineapples and buyers of our products,” Museveni said.

The meeting was attended by among others the Prime Minister Robinah Nabbanja, Hon. Martin Mugara the Minister of State for Tourism , Hon. Harriet Ntabazi the Minister of State for Trade, the Deputy Attorney General Hon Jackson Kafuzi, Hon David Bahati, Dr Monica Musenero and private sector exporters in the key 13 products.

It should be noted that on March 28, 2023, President Museveni met exporters in the 13 product categories that the advisory committee on exports is targeting to raise USD6bn in the next five years.

These were coffee, fruits, vegetables, flowers, bananas, dairy, beef, sugar, cement, steel, tourism, poultry, fish and grains.

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Equity ranked 3rd strongest bank in Africa

Nairobi, Kenya | THE INDEPENDENT |  Equity Group, East and Central Africa’s largest financial institution, has enhanced  its position as one of the strongest banking brands globally by scoring highly, in the 2023 Brand Finance’s Brand Strength and Brand Value rankings.

File Photo/Courtesy : Equity Group Executives upbeat upon securing coveted ranking as bestowed upon them by Brand Finance.

In its second consecutive appearance in the Brand Finance Banking 500 rankings, Equity climbed one place to 4^th position in the World’s Top 10 Strongest Banking Brands with a Brand Strength Index score of 92.4 out of 100 and an elite AAA+ brand strength rating. This marks a 1.6 points BSI improvement on its 2022 debut ranking.

The Bank also climbed an impressive 47 places in its brand value ranking to position 291 from last year’s 338 after recording a significant growth in brand value to USD 531.7 million from USD 338 million in 2022.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. The World’s Top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.

Speaking on the ranking released last week, Equity Group Managing Director and CEO, Dr James Mwangi said “We are delighted to see that Equity has once again been recognized as one of the strongest banking brands in the world by Brand Finance. We are excited that 4 of the top 10 banks are from the African continent and that in a span of 1 year the Bank’s brand value has ascended by 37% and improved its ranking inching one step closer to position 1 globally.”

In addition to sustainability perceptions, Brand Finance’s research has found that trust is a dominant driver of customer choice when it comes to banking services.

“Customers are looking for guarantees that they can proceed with full reassurance. Other key drivers include ease of use, excellent website and apps, and great customer service,” says the report.

Regarded as the industry’s most authoritative report of its kind, the Brand Finance Banking 500 report gauges the brand value of the world’s financial institutions through quantitative and qualitative metrics, including brand strength, brand loyalty rate and revenue forecasts.

Equity has been at the forefront of championing sustainability through its twin-engine socio-economic business model that has seen the lender invest over USD 585 million in various social impact projects in education, women and youth empowerment, social protection and environmental conservation among others.

Equity has also continued to deliver efficiency, convenience and flexibility to its customers by investing in the development of innovative digital solutions and products that meet the customers’ evolving lifestyles. Key among them is the enhanced digital banking suite on its Equity Mobile and Equity Online platforms, which offers a seamless experience – simplified customer journeys and enhanced security.

Declan Ahern, Director of Brand Finance says that banking brands across the globe have continued to recover significantly post Covid-19. “There has been an improvement in digital banking services, government stimulus measures have been relatively successful, and the rise of mobile banking and online platforms have contributed to the sector’s positive performance,” comments Ahern.

“The rankings are a reflection of the strong brand positioning that Equity continues to hold within the local markets that we operate in and globally as well. Our commitment is that we will continue to invest in innovation and continuous self-advancement to enhance value creation for all our stakeholders,” added Dr. Mwangi

The consultancy defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. This is however different from the valuation of a company’s assets. They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.

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“Women belong in all places where decisions are being made. It shouldn't be that women are the exception.”

― Ruth Bader Ginsburg

“The thing that all these businesses [Amazon, Facebook and Google] have in common is they are disruptors. The foundations of their businesses are not unique. They have identified a problem that a large number of people were experiencing with an existing business or service and then found a way to make it more accessible / fast / cheap / efficient. If they pitch it right, in a short space of time, the disruptors become successful enough to replace, or at least displace, the conventional product or service in the sector they've made their own.”

― Anne Boden, Banking On It: How I Disrupted an Industry and Changed the Way We Manage our Money Forever

“What is more, by being able to call upon a truly global contributor base, we not only stayed true to the spirit of FinTech, making use of technological channels of communication in reaching out to, selecting, and reviewing our would-be contributors, we also made sure that every corner of the globe had the chance to have its say. Thus, we aimed to fulfill one of the most important purposes of The FinTech Book, namely to give a voice to those that would remain unheard, those that did not belong to a true FinTech community in their local areas, and spread that voice to an international audience. We”

― Susanne Chishti, The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries 

 

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File Photo/Courtesy: Ann Juuko, Chief Executive, Stanbic Bank and Don Wanyama, Chief Executive Officer, New Vision, displaying UgShs.15,000,000/= Dummy Cheque being Stanbic Bank committed contribution towards the New Vision Education Expo slated for 27th to 29th January 2023 at UICT Grounds Nakawa near MUBS opposite Capital Shoppers (Nakawa Division) │ #WumulakaStress  #NVEduExpo2023

Link: For more about the New Vision Education Expo

YouTube Video │ Urban TV Uganda : Vision Group Education Expo 2023 Kicks Off 👇

YouTube Video │ Urban TV Uganda : Vision Group Education Expo 2023  👇

YouTube Video │ Urban TV Uganda : Vision Group Education Expo 2023 Ends 👇

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File Photo/Courtesy: The Education Sector houses over 30,000 educational institutions with approximately 13 million learners. The Education Sector directly contributes slightly over 4% of GDP, however, this number is higher if we consider its entire ecosystem. .......click to open link for more.

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REGISTER FOR A FLEXIPAY WALLET │ENTER REFERRAL CODE : I25UNZ │ RETAIN ENTRY RECORDS ─ACQUISITION & RETENTION ROTARY STRATEGY: REFERRAL, RAFFLE, REWARDS. Referral Code first Letter (ABC) is I 👍 (Capital of Letter i) NOT a digit (123) to wit. 1 👎] (STRONGLY RECOMMENDED)