Latest news with #Kasaija
Fibre2Fashion
15-06-2025
- Business
- Fibre2Fashion
Uganda reduces import duty on fabrics, garments
Uganda recently announced major tax relief measures for start-up businesses along with reducing import duty on fabrics and garments. The announcements came in the budget presentation for fiscal 2025-26 by finance minister Matia Kasaija. Uganda recently announced major tax relief measures for start-up businesses along with reducing import duty on fabrics and garments. Starting July 1, the import duty on fabrics will drop to $2 per kg, or by 35 per cent, whichever is higher, down from the previous $3 per kg. In addition, the duty on imported garments will decrease to $2.5 per kg, or by 35 per cent, down from $3.5 per kg. Starting July 1, the import duty on fabrics will drop to $2 per kg, or by 35 per cent, whichever is higher, down from the previous $3 per kg. In addition, the duty on imported garments will decrease to $2.5 per kg, or by 35 per cent, down from $3.5 per kg. The measures are expected to help traders engaged in value addition and stimulate further growth in the textile sector, according to domestic media reports. The government said these tax cuts and incentives are part of a broader strategy to stimulate the economy, create jobs and enhance the country's position as an attractive destination for investment. These are aimed at fostering innovation, supporting local industries, and stimulating the country's economic growth. A three-year income tax holiday for businesses established by Ugandan citizens will be implemented from July 1. The initiative is designed to ease the burden of high initial investment costs that often hinder the growth of start-ups. This tax incentive, Kasaija said, will foster innovation, support the formalisation of small and medium enterprises, and improve business survival rates. Fibre2Fashion News Desk (DS)
The Star
24-04-2025
- Business
- The Star
'Calling South-East Asia, Uganda invites you': Thriving African nation showcases investment and trade potential at business expo in KL
KUALA LUMPUR: The 'Uganda the Pearl of Africa Business Forum and Expo 2025', held at the Renaissance Hotel in Kuala Lumpur, concluded on a high note, spotlighting Uganda's robust yet cautious economic growth across its most dynamic sectors. As one of the fastest-growing nations on the African continent, Uganda used this platform to present a compelling case for investment and collaboration—beginning with Malaysia. The inaugural two-day event drew participation from government officials, industry leaders, business chambers, and investors from both nations. It ended with a firm resolution to chart a stronger course for bilateral trade ties and sustainable economic partnerships between Malaysia and Uganda. Several key ministers were in Kuala Lumpur to reel in investment from Malaysia, offering opportunities for greater collaborations between the two countries. Uganda's Minister of Finance and Economic Development, Matia Kasaija was joined by a high-level ministerial delegation including Ruth Nankabirwa Ssentamu, Minister of Energy and Mineral Development; Frank Tumwebaze, Minister of Agriculture, Animal Industry and Fisheries; and Henry Oryem Okello, State Minister for Foreign Affairs (International Affairs). Malaysian Agriculture and Food Security Minister Datuk Seri Mohamad Sabu officiated a gala dinner held to celebrate the two countries' friendship and trade relationship. In his remarks during the forum's official dinner, Mohamad said: 'We are truly honoured to host this significant event—one that lays a solid foundation for deeper economic engagement, enriched people-to-people connections, and enduring collaboration. Let us go beyond the US$358.13 million in trade recorded last year and build on the strengths we share.' Uganda's Minister Kasaija summed up the forum's core message with a direct call to action: 'Come and see Uganda for yourself. Seeing is believing. Too often, Africa is painted with a broad brush. Uganda is a peaceful, vibrant, and fast-growing country. We are here to show you the truth,' said Kasaija. Earlier in the day, at the launching event, Malaysia was represented by Datuk Muhtar Hashim, Executive Director of the Chemical Industries Council of Malaysia, who reflected on the opportunities ahead: 'Uganda reminds us of Malaysia's own early industrial journey. There's a clear path—from raw resources to value-added industries. We see significant opportunities, particularly in renewable and sustainable sectors.' Uganda's High Commissioner to Malaysia Her Excellency Dr. Betty Oyella Bigombe, the main proponent of the event, said that Malaysia and Uganda can achieve much with the right framework and support from all stakeholders of common industries. The forum highlighted Uganda's diverse and fast-evolving sectors, ranging from agriculture and agro-processing to mining, manufacturing, and energy. All of these are underpinned by a commitment to long-term sustainability and regulation. Ruth Nankabirwa shared that oil drilling has commenced, with plans for refinery development and announcements of new exploration blocks expected soon. Uganda is also actively opening its energy sector to private sector participation, particularly in solar, geothermal, and nuclear energy. 'We are moving forward on the strength of a regulatory framework that is among the best in Africa,' she said. In the agro-sector, Uganda showcased high-potential commodities such as vanilla, coffee, cocoa, bananas, and even palm oil, positioning itself as a strong trade partner for Malaysia's own agribusiness networks. Datuk Irwin Cheong, Co-founder of the World-One Business Federation and the driving force behind the forum's organization, closed the dinner reception with a note of appreciation: 'This forum and expo is a celebration—not just of shared opportunity, but of shared purpose. We hope the conversations started here will continue, deepen, and take root in tangible collaboration.' The two-day event featured Government-to-Government (G2G) and Business-to-Business (B2B) sessions, with meetings with Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong and the Malaysian Investment Development Authority (MIDA), as well as industry players from both nations. The forum also touched on logistical and connectivity enhancements, including planned direct flight routes and improved regional access. Another tantalising offer Uganda is offering the world is tourism and Ruth Nankabirwa promised nature lovers that vising their country is an experience no will ever forget and something to cherish all their life. Uganda are also famed for their amazing dedication in preserving their wildlife and in recent times, they have recorded ten fold growth in their efforts, including the big increase in the numbers of lions and rhinoceros once almost reaching extinction at one stage. "Come and see our country. Our economy is rising fast but at the same time we love our wildlife. They have always been our treasure. Tourists are bound to have an amazing and unforgetablleexperience when they visit out country. With strong political will, enthusiastic business participation, and a spirit of mutual respect and trust, the Uganda Pearl of Africa Business Forum and Expo 2025 has firmly established itself as a launchpad for deeper bilateral collaboration—and a fresh look at East Africa's emerging promise.
