Kampala
The Ugandan business community will join their counterpart in the Diaspora to showcase their products and services a course aimed at promoting and attracting investments.
This will be at the forth coming Diaspora Business Expo in Boston, USA scheduled for July 6-7. The expo is organised in partnership with the Uganda Investment Authority (UIA), Ministry of Foreign Affairs and Promote Uganda- a company that produces investment promotion materials about Uganda’s investment potential.
Speaking to the Media in Kampala on Friday, UIA Executive Director, Eng. Frank Ssebowa said Ugandans in the Diaspora have proved to be an invaluable source of investment for the country. Therefore, he said, the Expo is aimed at encouraging Diaspora-led investment at home and also to improve on the level of exchanges between the Ugandan business community and those in the Diaspora.
Eng. Ssebowa said: “We are looking to our Ugandan Diaspora to actively engage in technological skills and best practices transfer from their host countries.”
The Expo Patron, Dr. Maggie Kigozi said many times Ugandans in the Diaspora spend huge sums of money on relatives without investing at all.
“It’s high time for these people to change this culture to investing it into income generating businesses which will also create jobs,” Dr Kigozi said.
In his submission, event organiser Mr Ronnie Mayanja said “Ugandan’s in the Diaspora feel they have not been encouraged by the government to invest back home”.
He added that there is a huge information gap between the government and Ugandans abroad about investment opportunities in Uganda yet there those Ugandans who would have want to bring their money back home.
According to David Nsubuga Director- Promote Uganda, some of the leading Ugandan business entrepreneurs and brands will show case their home made products at the event.
Despite a lack of a Diaspora policy, for long Ugandan communities abroad have been deterred by a lack of support institutions in the country, divisions among themselves and the continues existence social and economic burdens.
Remittances from Ugandans working abroad have grown by about 14 percent annually in the past 10 years, according to a new report by the UN Conference on Trade and Development (UNCTAD). According to the Least Developed Countries (LDCs) Report 2012, Uganda’s percentage growth in remittances surpassed that of most countries like Mauritania, Comoros, Yemen, Malawi, and Angola.
The report shows Uganda gets most of its remittances inflows from Kenya worth US 326 million, United Kingdom US 176 million and United States US 87.4 million. The three countries provide 76 percent of Uganda’s total earnings from remittances.
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