By Viola Nabanooba

In a bid to interest Ugandans living outside the country to invest back home, the Uganda Investment Authority is to host a Business Summit for all Ugandans in the Diaspora.

Code named “Home is the Best 3”, the main objective of the conference is to attract Ugandans in the Diaspora to invest back home. There will be conferences held in Lira on December 23 2009, in Kampala between December 29 2009 and 30. The last conference will be held in Mbale on January 4 2010.

Mr. John Basajjakawa, the Senior Investment Promotion Officer at the UIA, told journalists at Media Centre on November 26 that the Kampala conference will bring all stake holders together. He however said that the conferences in Lira and Mbale are intended “to show our brothers in the Diaspora the investment opportunities in the countryside.”

The annual event acts as a platform for the Ugandans in the Diaspora to actively share ideas on the development of policy and regulatory frame work regarding the business environment in Uganda.

Mr. John Basajjakawa said that the forum assess the Diaspora’s needs, helps in identifying the challenges and new opportunities for the people in the Diaspora and recommend practical actions, time-lines and tools that will lead to a better Diaspora-led investment environment in the country.

Mr. Moses Wilson, The President of Uganda North America Association (UNAA), also attended the press briefing. He said: “there has not been sufficient interaction between the business community in Uganda and the Ugandans in the Diaspora. I hope this summit will help in promoting Ugandan businesses to the rest of the world”.

This year’s summit will pay special attention to Agriculture, Agro processing (especially value addition to natural resources), ICT (especially business process, outsourcing and multimedia), education finance, health care and tourism. A variety of events that will grace the summit include presentations, discussion panels, fashion shows and cultural activities.

Meanwhile the UIA has applauded the new protocol on the establishment of the East African Community Common Market. A statement issued in Kampala on November 26, 2009 by the Uganda Investment Authority reads in part: UIA views this move as an incentive for investment. The elimination of tariffs, non-tariffs and technical barriers to trade, the free movement of factors of production such as labour and capital will automatically translate in to better trade relations for all partner states. And as the rule of the thumb dictates, investment automatically follows trade in most cases.

However, the statement states that some companies will suffer the effects of this integration though it will be a temporary setback.

ENDS