By Kabuye Ronald
President Museveni has renewed the contract of Uganda Investment Authority (UIA) Director General Robert Mukiza for another five years, pointing to his role in restoring stability at the agency and rebuilding investor confidence.
In a March 16 communication to Finance Minister Matia Kasaija, the President credited Mukiza with injecting fresh energy into the authority and strengthening trust among both local and foreign investors since taking office.
The renewal comes on the back of notable achievements recorded during Mukiza’s first term. Uganda earned recognition as Africa’s top investment destination at the Annual Investment Meeting (AIM) Global Investment Awards in Abu Dhabi for three consecutive years between 2022 and 2024.
Recent figures from the Bank of Uganda show foreign direct investment inflows rising from $2.99 billion (Shs8.52 trillion) in the 2023/24 financial year to $3.5 billion (Shs13.03 trillion). Additionally, the UIA licensed 481 projects in the 2024/25 period, expected to generate over 53,000 direct jobs.
Looking ahead, President Museveni has tasked the authority with accelerating the development and operationalisation of industrial and business parks across the country through both public and private sector participation. He emphasized that such parks are critical to boosting value addition, expanding manufacturing, and creating employment opportunities.
The President also highlighted the need for strategic land acquisition to support Uganda’s industrialisation agenda, which is central to the government’s goal of expanding the economy to $500 billion within the next decade.
Under Mukiza’s leadership, investor services have been streamlined through the One-Stop Centre, cutting the time required to issue investment licences from 48 hours to just 24 hours. The authority has also secured more than 57,000 acres of land for industrial development, with 10 industrial parks already operational.
This progress aligns with the government’s broader Tenfold Growth Strategy, which seeks to transform Uganda from a $50 billion (Shs186 trillion) economy into a $500 billion powerhouse by 2040. The strategy is anchored on key sectors including agro-industrialisation, tourism, mineral development, and science and technology innovation.
To achieve this ambitious target, the government plans to sustain double-digit economic growth, raise the tax-to-GDP ratio to 25 percent, and significantly increase foreign direct investment. According to Finance Ministry Permanent Secretary Ramathan Ggoobi, realizing this vision will require doubling the size of the economy every five years, alongside a strong focus on high-tech manufacturing and fully functional industrial parks. These efforts are intended to transition Uganda from a largely subsistence economy to a modern and prosperous society
