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Mbarara News Opinion: Exit Of Picfare Company From Our Economy Is Not Good For Ugandan Investment

By Ben Ssebuguzi

We are always grateful when President Yoweri Museven is attending various bilateral conferences wowing investors to invest in Uganda.He meets various delegations of investors in the wee hrs of the night explaining them the benefits of investing in Uganda.

However,it is saddening to learn that Picfare/Nyanza textile,one of the flag ship industrialists that we have been proud of are winding up business.

It is true that we have a free entry and exit in the market but that should not be our lame excuse.We should have a wide entry and minimal exit for our investors.

The agency that is responsible for upholding our investors,the Uganda Investment Authority (UIA)might be partly to blame.That is why we request government to launch investigation and establish facts.

Did UIA refuse to give them concession rates of import duty of their machinery,did UIA refuse their draw back of duties payable on imported raw materials,did they fail to help them waive on power tariffs? As youths of Uganda who look up to investors,we need answers from line agencies.

NRM’s number 5 of the NRM 10 Point Program; “Building an independent, integrated and self-sustaining economy”.

“There is no way that Africans can emancipate themselves from poverty and backwardness without carrying out an industrial revolution. As long as we continue exporting cheap, raw, primary commodities, our present situation will not change (Museveni, 1992: 208).”

In summary, UIA owe us an apology to Ugandans for derailing our government strategic plan of transforming our country from peasantry to modern and prosperous economy.Youths of Uganda always look up to investors for jobs and you should help H.E the President for finding modern jobs for Ugandans

Ben Ssebuguzi, Secretary general Uganda Poor Youth Movement.
ssebuguziben28@gmail.com

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