The Uganda Investment Authority (UIA) has launched a ground-breaking program to encourage business owners in Kikuubo, Kampala’s business hub, to switch from importing goods to producing them locally. The “Transitioning Kikuubo Traders to Manufacturing” initiative is based on the idea of encouraging import substitution. Its goal is to give traders who have been dealing in…
Under the recently imposed Common External Tariff (CET), East African Community states anticipate that import costs would continue to be high since their countries emphasize value addition and the preservation of their domestic production companies. During the recent webinar titled “Post-Budget 2024/25 – Disparities in the Application of EAC-CET and Impact on EAC Businesses,” which…
The movers and seconders of the motion to censure the four commissioners of Parliament are about to advance in their pursuit of accountability. The formal censure procedure will begin this Monday at 2:00 PM when a group of MPs led by Ssekikubo, Sarah Opendi, and Odria Arion will send a notice to Adolf Mwesige, the…
The leadership of Kampala City traders has voiced worries that many shopkeepers are now idle as a result of potential customers being scared away by the increased security deployment that followed anti-graft protests. Movement restrictions on the roads that lead to the parliament have seriously damaged businesses. The requirement for national identification cards for anybody…
The national development finance institution of Uganda, Uganda Development Bank Ltd. (UDB), which was named the Best Bank in East Africa 2024, has released its 2023 annual performance report, emphasizing its ongoing contribution to the promotion of sustainable growth and resilience in several important economic sectors. The Bank’s post-tax (net) profit in 2023 was UGX…
President Yoweri Museveni yesterday officially opened the Lake Victoria Logistics complex in Kawuku Bwerenga. This project involves employing oil tanker ships to carry and store oil from the port of Kisumu to Entebbe. Museveni says it would be extremely beneficial for the nation to no longer import petroleum only via road transportation Museveni noted that there…
Fuel merchants in Uganda believe that the role of Uganda National Oil Company’s (UNOC) as the exclusive fuel importer will result to improved pump prices. During a media engagement, VIVO Energy Uganda’s Supplies and Distribution Manager, Geoffrey Elyanu, stated that there company is prepared to carry on with business as usual under the new importation…
Samsung hopes to entice consumers who enjoy fitness and health tracking technologies with the Galaxy Ring, its newest wearable. The gadget was unveiled on Wednesday at Samsung’s Unpacked event as the newest member of its ecosystem of gadgets that it claims to be “supercharging” with artificial intelligence (AI). According to Ben Wood, an analyst at…
Kenya did not impose a bond premium on Uganda’s oil cargo that docked at the Port of Mombasa early this month as claimed by Uganda’s Energy and Mineral Resources Minister Ruth Nakabirwa. The minister made the accusation that Kenya’s Energy Cabinet Secretary, Davis Chirchir, had written to the Kenya Revenue Authority (KRA) requesting an increase…
The central bank of Uganda announced that it is in talks to start buying gold that is locally produced in order to increase its foreign reserves and address issues with global financial markets. The domestic gold purchase program intends to mitigate the diminishing foreign currency reserves and handle the related risks in the international financial markets, according…
