The American Chamber of Commerce has called for reforms in policies that affect foreign direct investments businesses.
Reflecting on the past year’s achievements and milestones, celebrating the progress made in promoting sustainable foreign business interests in Uganda, the members highlighted concerns over new taxes, policies and laws in place.
They cited the Local Content Bill’s impact on the Oil and Gas sector that limits local companies and foreigners from collectively participating and benefiting in the sector.
According to the American Chamber of Commerce (AmCham) president in Uganda, Meg H. Jaquay, over 60 members under the umbrella are laying strategies in places on how to grow and align them with great opportunities both locally and internationally despite the challenges.
She said there’s a need to advocate for financial sustainability strategies in member businesses.
“We want to make sure that we look at all business aspects by being able to network with all other members to ensure that everybody can work from a safe environment for business growth,” she said.
Ms Maquay made remarks while presiding over the Annual general meeting in Kampala aimed at discussing exciting future initiatives and plans, shaping the roadmap for continued growth and success in the foreign investment businesses.
The meeting also focused on engaging with fellow business leaders, entrepreneurs, and professionals, fostering valuable connections and collaborations that drive economic growth.
Among the strategic plans, the general manager of AmCham, Eve Zalwango, appealed to members to adopt and embrace technology.
“We have many members who are doing online engagements, in terms of businesses among others. so, we need to that,” she said.
Zalwango also decried the unfavorable government policies that affect business growth.
“Some of the policies that the government passes for example the Venture Capital, VAT, among others, policies affect our local businesses and investments however much, we always table complaints, advise before the Parliament’s committee on finance,” Zalwango said.
According to the AmCham members, significant growth of the association is attributed to the absolute adoption of technology that as well overcame the Covid-19 impact years back.
The treasurer for the American Chamber, Henry Kevin Wava said: “there’s is foreign taxes, social media taxes, and other value added taxes, so we calculate how those impacts are on to our members then we go sit down with our relevant stakeholders, do advocacy work.
Wava cited Efris which he said has impacted most Ugandan businesses in different sectors.
Glovo rewards one of its courriers.