The Uganda Investment Authority (UIA), the investment arm of the country, has embarked on building the capacity of domestic investors to ensure they benefit from the oil and gas sector.
The authority’s Director-General, Robert Mukiza, says that through their domestic investment division, his team is already working in building the capacity of the local firms to leverage the opportunities in the sector.
On Monday (February 28), Speaking during an event held at Serena Hotel Kampala Tuesday, March 01, Mukiza said FID is a historical milestone that will see the country attract the single largest investment (approximately $10-$15bn), ever, into the country.
He stressed that the award was aimed at recognizing some of the key players in the sector’s journey, in line with “our mandate of promoting, attracting, advocating, facilitating, registering, monitoring and evaluating all forms of investment in Uganda”.
He noted that Uganda stands to benefit from contracts estimated to be worth $4.2bn in line with the government’s content aspirations.
“But this cannot happen without sufficient capacity building. The UIA is therefore keen, through its domestic investment division, to facilitate backward and forward linkages among local and international firms, in addition to building capacity of local firms to leverage the opportunities in the sector,” Mukiza added. He stressed that UIA dedicated the year 2022, to domestic investment.
The State Minister for Investment and Privatisation, Evelyn Anite, said to ensure the Uganda entities also benefit from direct and indirect opportunities, the government has ring-fenced over 16 fields for local domestic investors.
However, Anite said the government is implementing a range of capacity-building initiatives and setting up a National Local Content Fund to improve the ability of locals to win and execute on contracts in the sector.
– New Vision