Home Politics President Museveni Orders Arrest Of All Ghost Investors

President Museveni Orders Arrest Of All Ghost Investors

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His excellence President of Uganda Yower Kaguta Museveni yesterday ordered immediate arrest all fake foreign investors for local investors to benefit from the incentives extended to local firms.

While gracing the opening of five factories and one hotel at the Namanve Industrial Park in Wakiso District. President Museveni instructed the Ministry of Finance to deal with the law breakers whom he accused of helping foreign companies to register as local investors to benefit from the Buy Uganda, Build Uganda (BUBU) policy of promoting local content.

“I want to assure the manufacturers that the ministry should register complaints to do with these law breakers  and they will be arrested,” Mr Museveni said.
In response, State Minister for Investment and Privatisation Evelyn Anite, who was at the same event, promised to follow up on the President’s directive.

He also warned Ministry of Finance officials, who he called bureaucrats, to stop imposing new taxes on manufacturers before they are consulted.

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“I have told the Ministry of Finance that all the tax policies must be discussed by the manufacturers first. They are the ones on the frontline of fighting for economic independence of the country,” Museveni said.

He also promised to extend cheap power to the manufacturers.

“We have got dams which will provide cheap power like Karuma, Nalubale, Isimba, and Kira. These are going to supply power directly to the industrial parks, not through middlemen.”

Some of the factories that were launched yesterday include Crown Packaging Factory, Picfare Industries Ltd, Tian Tang factory and the Nile Hotel Kampala.

Picfare industries committed to venture into printing ballot papers, bank cheque books, scholastic materials and documents such as academic certificates.
“Under this $12.5 million project, we shall venture into printing of security documents and other scholastic materials, which will save revenue that was initially lost to foreign firms,” Mr Mitul Jobanputra, the vice chairperson of the Picfare industries, said.

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