In a pivotal move to enhance Uganda’s business landscape, Qimiao Fan, the newly appointed World Bank Country Director for Uganda, Kenya, Rwanda, and Somalia, has urged the government to streamline investment processes and reduce regulatory barriers. His remarks, made during a visit to the Uganda Business Facilitation Centre (UBFC) in Kampala, underscore the critical need to support micro, small, and medium enterprises (MSMEs), which constitute a significant portion of the workforce.
Fan’s visit included discussions with key agencies housed at the UBFC, including the Uganda Investment Authority (UIA), Uganda Registration Services Bureau (URSB), and Capital Markets Authority (CMA). The UBFC, funded by the World Bank through the Competitiveness and Enterprise Development Project (CEDP), serves as a one-stop hub designed to improve the ease of doing business and boost economic competitiveness.
At the UBFC, the UIA operates a One-Stop Centre for Investors, integrating essential agencies like the Uganda Revenue Authority and National Environment Management Authority to streamline investment procedures. Fan highlighted the necessity for the Ugandan government to reassess and modernize policies that impede business operations, aiming to simplify or eliminate constraints to foster a more inviting investment climate.
Emphasizing the challenges faced by MSMEs, Fan stated that easing business processes and reducing costs would encourage formalization and drive economic growth. He reiterated the World Bank’s commitment to supporting MSMEs, noting that their efficiency is crucial for maximizing economic benefits.
Mercy Kainobwisho, the URSB Registrar General, expressed gratitude for the World Bank’s contributions to the UBFC and its transformative initiatives in business registration. Richard Nuwenyesiga, representing UIA’s Director General, pointed to the World Bank’s support as instrumental in increasing investment, with foreign direct investment reaching $3.01 billion by August 2024. He affirmed Uganda’s position as a premier investment destination in East Africa and beyond.
