The Act modernizes and replaces the Investment Code Act (Cap. 92) to align with the Constitution and provide an updated legal framework for investment in Uganda. It continues the Uganda Investment Authority (UIA) as a government agency under the Minister of Finance, defining its legal personality, objectives, and governance structure. The Act establishes a Board with public and private sector members, a Secretariat led by a Director General, and a one-stop centre to coordinate, promote, and facilitate investment. It sets out detailed functions of the Authority, including investment registration, licensing, management of serviced land, research, reporting, and cooperation with ministries through service agreements. It also introduces minimum capital requirements, regulates issuance and compliance of investment certificates, distinguishes between domestic and foreign investors, and governs investment in scarce resources while ensuring environmental protection. The Act further provides investment protection and dispute settlement mechanisms, affirming protection against compulsory acquisition, prompt compensation, and access to courts or arbitration under Ugandan or international rules. It sets out the Authority’s financial provisions, including funding sources, budgeting, borrowing, investment of surplus funds, and auditing. Miscellaneous provisions cover confidentiality, offences, reporting obligations, regulation-making powers, and corporate liability. The Minister is empowered to amend priority investment areas, and transitional provisions ensure continuity of the Authority’s assets, staff, and existing licences under the new Act, while schedules define priority sectors, currency points, and Board procedures.
أوغندا · 2019-02-20