In a bid to resolve ongoing disputes over taxes and competition, Ugandan traders and their leaders have Tuesday met with President Yoweri Museveni at Kololo Independent Grounds.
The meeting served as a platform for local traders to express their frustrations and grievances, particularly directed towards Uganda Revenue Authority (URA) over Electronic Fiscal Receipting and Invoicing Solution (EFRIS) and foreign investors who have shifted into retail and hawking businesses, especially the Chinese.
The traders boldly criticised certain foreign investors, mainly from China, accusing them of not being genuine investors as they claim.
Instead, they allege that these investors have transformed into retailers and hawkers, leaving little room for local traders to thrive.
During the meeting, the traders also raised concerns about the misleading information provided to President Museveni by some government officials, notably Minister of Investment Hon Evelyn Anite.
They accused her of presenting a false image of foreign investors as financially robust, when in reality, they resort to hawking instead of investing as promised.
The traders’ frustrations underscore a larger issue of accountability and transparency within the government’s handling of foreign investment policies.
It highlights the need for greater scrutiny and oversight to ensure that foreign investors contribute positively to the local economy without unfairly disadvantaging local traders.
President Museveni’s response to these allegations will be closely watched, as it will shape the future of foreign investment regulations and the business landscape in Uganda.
Balancing the interests of both local and foreign traders is essential for fostering a thriving and equitable business environment.
Moving forward, it is imperative for the government to address the concerns raised by local traders and take decisive action to uphold fairness and transparency in foreign investment practices. Only then can Uganda realize its full economic potential while safeguarding the interests of its citizens.