{UAH} Gov't Defends Move to Downsize Investment Authority Board 18 Jul 2017,
|
8:54 AM |
No comments |
Gov't Defends Move to Downsize Investment Authority Board 18 Jul 2017,
State Minister for Investment Evelynn Anite together with the State Minister for Planning David Bahati appearing before parliament's finance committee. Login to license this image from 1$.
In short
The bill now proposes that the board shall consist of five persons appointed by the minister from the private sector with sound knowledge and practical experience in business or investment matters. One of these shall be the chairperson. The other board members will be Permanent Secretaries from the ministry of Trade, Lands and Internal Affairs.
Audio is only available to paying subscribers.
State Minister for Investment Evelyn Anite has defended a planned move by government to trim the membership of the Uganda Investments Authority (UIA) board.
Government proposed to downsize the UIA board from 13 to nine members under the proposed Investment Code Bill, 2017, which was tabled before parliament last week. The bill seeks to revise and replace the 1991 Investment Code Act.
Anite told the finance committee of parliament this morning that it is currently hard for the UIA board chairman to realize quorum whenever meetings are convened leading to stalling of work most of which is in relation to land allocation to investors.
Out of the current composition of 13 members, a quorum of eight members is required to make a decision. Government now wants this reduced further by having nine board members with a quorum of five members.
The bill now proposes that the board shall consist of five persons appointed by the minister from the private sector with sound knowledge and practical experience in business or investment matters. One of these shall be the chairperson. The other board members will be Permanent Secretaries from the ministry of Trade, Lands and Internal Affairs.
This implies that the Governor of the central bank, Uganda Chamber of Commerce and Industry, Uganda Manufacturers Association and the chief government development economist will cease to be members of the board under the new law.
Anite added that a smaller board managed by the private sector is easier to manage saying civil servants are crowded and have a lot of work in their respective ministries.
//Cue in: "if you look...
Cue out:...in my opinion."//
State Minister for Planning David Bahati also defended the move to trim the UIA board saying that this will make it more effective.
"We want to have more people on the board coming with merit and make the authority more effective." said Bahati adding that the slow decision making is a big challenge with the current board yet the investment environment requires a kind of leadership that responds to emerging issues.
About the Investment Code Bill 2017
According to the bill, government sets a new minimum investment capital for both potential local and foreign investors required before registration.
For a foreign investor, government has increased the minimum investment capital from USD 150,000 to USD 250,000. Potential domestic investors will be required a minimum investment capital of USD 100,000. This has been increased from the current figure of USD 50,000.
The proposed law also forbids any foreign investor to invest or participate in the operation of any investment activity in the country before registration with UIA. The bill proposes a fine of 20 million Shillings to those who contravene the provision or imprisonment for a period not exceeding four years or both.
The bill also proposes a one stop center under UIA as a physical or electronic platform for purposes of registration, licensing and approval of investments. This is in a bid to reduce time of acquiring a license and also curb corruption.
--
Government proposed to downsize the UIA board from 13 to nine members under the proposed Investment Code Bill, 2017, which was tabled before parliament last week. The bill seeks to revise and replace the 1991 Investment Code Act.
Anite told the finance committee of parliament this morning that it is currently hard for the UIA board chairman to realize quorum whenever meetings are convened leading to stalling of work most of which is in relation to land allocation to investors.
Out of the current composition of 13 members, a quorum of eight members is required to make a decision. Government now wants this reduced further by having nine board members with a quorum of five members.
The bill now proposes that the board shall consist of five persons appointed by the minister from the private sector with sound knowledge and practical experience in business or investment matters. One of these shall be the chairperson. The other board members will be Permanent Secretaries from the ministry of Trade, Lands and Internal Affairs.
This implies that the Governor of the central bank, Uganda Chamber of Commerce and Industry, Uganda Manufacturers Association and the chief government development economist will cease to be members of the board under the new law.
Anite added that a smaller board managed by the private sector is easier to manage saying civil servants are crowded and have a lot of work in their respective ministries.
//Cue in: "if you look...
Cue out:...in my opinion."//
State Minister for Planning David Bahati also defended the move to trim the UIA board saying that this will make it more effective.
"We want to have more people on the board coming with merit and make the authority more effective." said Bahati adding that the slow decision making is a big challenge with the current board yet the investment environment requires a kind of leadership that responds to emerging issues.
About the Investment Code Bill 2017
According to the bill, government sets a new minimum investment capital for both potential local and foreign investors required before registration.
For a foreign investor, government has increased the minimum investment capital from USD 150,000 to USD 250,000. Potential domestic investors will be required a minimum investment capital of USD 100,000. This has been increased from the current figure of USD 50,000.
The proposed law also forbids any foreign investor to invest or participate in the operation of any investment activity in the country before registration with UIA. The bill proposes a fine of 20 million Shillings to those who contravene the provision or imprisonment for a period not exceeding four years or both.
The bill also proposes a one stop center under UIA as a physical or electronic platform for purposes of registration, licensing and approval of investments. This is in a bid to reduce time of acquiring a license and also curb corruption.
--
Gwokto La'Kitgum
----------------------------------------------------------------
"Even a small dog can piss on a tall building" Jim Hightower
Disclaimer:Everyone posting to this Forum bears the sole responsibility for any legal consequences of his or her postings, and hence statements and facts must be presented responsibly. Your continued membership signifies that you agree to this disclaimer and pledge to abide by our Rules and Guidelines.To unsubscribe from this group, send email to: ugandans-at-heart+unsubscribe@googlegroups.com
0 comments:
Post a Comment