Evelyn Anite, the minister of state for Investment and Privatisation, has announced that the government has removed land from five investors in the Namanve Industrial Park because they have failed to put it to use.
The investors were fined after it was discovered that they had held onto land for almost ten years without developing it, which was against the law.
According to Anite, the government would reclaim 387 acres of land in multiple industrial parks after some of the investors failed to use the area. Some of this land is in the industrial parks of Luzira, Masindi, and Namanve.
“We’re taking land away from investors who haven’t been able to develop it and giving it to those who want to start businesses.” When they are ready, they will be given an opportunity. “Land is a limited resource, and we must make the best of it,” Anite explained.
She cautioned inexperienced investors that any subsequent repossession would be met with harsh consequences.
“This isn’t the first time we’ve taken land away from inexperienced investors. We have previously taken land from these charlatans and imposed no penalties, but this time there will be a cost because you must recoup the money the government has spent,” Anite threatened.
She mentioned that the government has ruled that if an investor is given land in an industrial park and develops it to 30% domestic and 70% international, he or she can mortgage their interest in it.
Morrison Rwakakamba, the UIA board chairman, stated that the organization would want to see more domestic investors, which might include an individual, a savings and credit cooperative, an investing club, or a group of individuals, among others.
“Under President Museveni’s leadership, the UIA is concentrating on the creation of industrial parks. We do not want open areas; instead, we want industries. On the withdrawal of undeveloped property from industrial parks, Rwakakamba stated, “We want to accelerate domestic investment.”
Robert Mukiza, the director general of the Uganda Investment Authority, stated that the authority is bringing industrial parks to the regions and that it wants more Ugandans to invest in and own businesses.
“You have someone who has been in possession of 76 acres of land for ten years and has done nothing.
How are we going to obtain 500 factories if someone owns 100 acres?
He or she is meant to have produced 200 jobs and developed an oil factory, but he or she is doing nothing. As a result, we’re withdrawing the land,” he explained.