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Uganda’s sports has struggled for ages to attract direct private investment into the sector affecting its growth, with much of the investment relying on government investment.
The National Council of Sports and the Uganda Investment Authority have entered a strategic Memorandum of Understanding (MOU) to attract more investment to Uganda’s sports sector.
The signed Sports Investment Plan will seek to open investment footpaths into Uganda’s sports sector with the aim of promoting Uganda as an attractive market for sporting investors and entrepreneurs.
The initiative will be implemented at many different levels, focusing mainly on driving and encouraging investment towards Uganda’s sports infrastructure.
“With this agreement, we can attract more investors to come and invest in the infrastructure and also tap into our sports talent, and in Uganda you cannot go wrong,” State Minister for Sport Peter Ogwang said.
“We have raw talent here, and we will be able to have more success for our athletes. Now the challenge is on us. We should work to bring this partnership to life,” he added.
Through its expertise, UIA will help NCS conduct feasibility studies and provide platforms for NCS to meet and entice potential investors both local and foreign.
“Our focus is in areas of infrastructure projects, being able to package the projects that we have in sports be it academies or infrastructure development projects into bankable projects for Uganda,” Ogwang noted.
“It means that UIA is able to show investors that these projects are profitable. So, what does it mean, there should be clear feasibility studies done to entice the investors both foreign and local.”
Uganda’s sports has struggled for ages to attract direct private investment into the sector affecting its growth, with much of the investment relying on government investment.
According to State Minister for Investment and Privatization Evelyn Anite, the Ministry of Finance will also seek engagements with other government agencies like Uganda Revenue Authority over incentives to sports investment.
“Together under this pack, we are going to get land mobilization for sports for the investors, and after that we shall push on providing tax incentives for the investors,” Anite explained.
“For example, for sports equipment, if you are bringing it in for sports specifically and not for profit, then we shall have to waive off the tax.”
In the short term, the two entities have agreed to work on a project proposal to have the Lugogo Sports Complex redeveloped under the public private partnership.
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