The shilling is the weakest against the dollar that it has been since July 1993.  The U.S. dollar has been strengthening significantly on the international markets as well, despite the S & P downgrade of the United States, due to international financial turmoil, particularly in the Eurozone.

Besigye and opposition supporters mourn the loss of a toddler shot by security agents, before pledging to restart the walk-to-work demonstrations. Photograph by Edward Echwalu, www.echwaluphotography.wordpress.com.

In June, the shilling traded at sh2735/2750, but a Central Bank intervention strengthened it to sh2400, New Vision reported.

President Museveni spent one-third of the state budget—or 1.3 billion USD—in just the month of January 2011, shortly before the national elections.  $720 million was also spent on buying six Russian fighter jets, the Council on Foreign Relations reported.

Ugandan opposition leaders vowed yesterday to begin protests over the rising cost of living, particularly fuel and food, AFP reported.  Inflation last month reached 18.7 percent.

Kizza Besigye and other opposition politicians pledged to restart the walk-to-work protests at a candlelight vigil in Masaka for a toddler shot by a security officer in April.  Besigye was recently cleared of all charges against him connected to the demonstrations early this year.

As opposition supporters went to lay a wreath at the home where the child was shot, the army and police fired teargas into the crowd.  The Ugandan police spokeswoman Judith Nabakooba said any protest would be stopped for security reasons.

Kikuubo Lane, during the Kampala City Traders Association (KACITA) strike. Photograph by Edward Echwalu, www.echwaluphotography.wordpress.com.

The Minister of Security, Wilson Muruli Mukasa, said that the opposition is using Twitter, Facebook, and Youtube as part of a “grand plan” to topple the government, BBC News reported.  Social media was being used, he said, to “psychologically prepare the people, especially young people, for armed insurrection”.

The government has voiced concerns that Besigye will organise an Egypt-style uprising gain power through the streets after losing elections in February, according to BBC News.

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Dr. Jill Biden, the vice-president's wife, visits women and children at the Dadaab Refuge Camp in Kenya. Official White House Photo by David Lienemann.

“Thousands of Somalis are fleeing the famine and seeking refuge in Kenya and Ethiopia, which are also affected by the drought,” said Jay Carney, the White House press secretary, in a press brief yesterday afternoon.  You can click here to watch the video.

The U.S. State Department recently announced new guidelines to give foreign aid workers more flexibility in providing aid to others controlled by al-Shabaab.

-You may be familiar with social coupon sites like Living Social and Groupon.  Recently, Africa.com launched its own social coupon website for Africans living abroad at deals.africa.com.

After signing up for free with the website, members are offered a weekly, deeply-discounted deal.  If enough members sign up for it, they receive a voucher for it.  For instance, the first deal were deeply discounted tickets between New York and Lagos.

Other deals include discounted airfare to Ghana, South Africa, and other destinations on the continent, as well as social coupons for international phone cards, money transfers, hair styling, and cell phone services.  Vendors who sign up can access the market power of Africans living abroad, who remitted an estimated $40 billion last year collectively, according to the African Development Bank, the Sacramento Bee reported.

-There are more Ethiopian doctors in Washington D.C. than all of Ethiopia, and 60 percent of medical doctors trained in Ghana since the 1980s have gone abroad, according to this New York Times editorial by Josh Ruxin, a Columbia University expert on public health, and founder of Rwanda Works.  Only 3 percent of the world’s health care workers serve the African continent.  However, two Rwandan doctors are teaming up with a New York obstetrician to start a second Rwandan medical school (there is only one medical school right now, housed at the University of Rwanda) to increase the country’s capacity for training.

Graduates of the Kigali Medical University, funded by the Rwanda Development Bank, may still end up working abroad, but the school plans to emphasize education and the need to stay home and serve the country’s medical needs.  Its first class of students will begin this year.

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Marie Kiwanuka, the minister of finance and economic development in Uganda. Photograph by Edward Echwalu.

Regionally, consumers are hurting back home as their savings and salaries shrink in purchasing power.  Bloomberg, a financial news agency, recently named the Ugandan shilling as one of the worst performing currencies in the world, as it has slid a sharp 12 percent since January.

The Bank of Uganda is struggling to stabilize the shilling.

The CBR will be set at a level which is consistent with moving core inflation towards the Bank of Uganda’s policy target of 5 percent over the medium term, down from its 17-year high of 16 percent in May.   It is similar to the London Interbank Offered Rate(LIBOR), adopted in the mid 1980’s by the world banking system as a much needed benchmark for short term interbank loans, which are fixed every business day in the UK.

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By Rebecca Harshbarger and Arao Ameny

NEW YORK (Ugandans Abroad)— Thousands of women suffered immense violence during the 1994 genocide in Rwanda, and much of the country’s economy was destroyed.  Rwandan women have played a large role in rebuilding the country, from the banks to the market to the country’s families and cultural institutions.  Women launched the first funeral parlors in Rwanda, opened hotels and started other independent businesses, employed people and stabilized the economy.

On April 12, six Rwandan female entrepreneurs spoke at the Columbia Business School about how they started their businesses.

These women included Soline Habilyayo Mukamana , a former nurse, owns a landscaping and garden business center named Saintpaulia Flower Center, and employs fourteen people.  Paul Kagame, the president of Rwanda, is one of her clients.

Rwandan women speaking about their business success at Columbia University. Arao Ameny.

Marie Claudine Mukamabano, part of the Rwandan diaspora, spoke to Ugandans Abroad.

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It is no wonder they might.  The instruction booklet for the simplest federal income tax return, the Form 1040-EZ, is 40 pages long.  In addition to that, individuals may also have to prepare state income tax returns.

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UGANDANS ABROAD (New York) —  What is the most vital resource that can propel Uganda’s agribusiness to the next level? Johnstone Kamuraki Baguma, a 30-year-old entrepreneur and innovator, believes it is human capital, an asset armed with curiosity, a hunger to learn and most of all — insurmountable potential. This, he believes, each person can harness to help others.

Johnstone Baguma uses information communication technology to help farmers in Western Uganda.

Johnstone Kumaraki Baguma, a 30-year-old entrepreneur and innovator is the winner and recipient of the $12,000 grand prize from the Africa Rural Connect contest.  The National Peace Corps Association launched the project, which will pioneer ways to advance rural farmers’ productivity inWestern Uganda using information communication technology.

Baguma is the founder and executive director of the Toro Development Network, also know as ToroDev, which promotes research and advocacy, access and use of information communication technologies (ICTs) to improve the lives of men, women and children in the Rwenzori region of Western Uganda.

A training for maize farmers in Toro.

ToroDev was established in 2006 to help improve the access to information and technology for development for rural farmers. “We are in the business of improving social economics and political development in the Rwenzori region. We provide rural farmers with information on how to grow their crops more efficiently and in turn gain a higher return,” he said.  “We promote marketing strategies and help farmers tap into the East African market bloc.”

Baguma said that ToroDev helps farmers be more competitive, as it disseminates reliable information to improve farmers’ skills and increase crop production levels.

Baguma’s goal is to ultimately increase the number of skilled farmers and their productivity levels, which he believes will create more jobs, build healthier communities and create thriving agribusinesses that are able to produce goods on a large scale. The trickle-down effect, Baguma says, will be a more sustainable economy.

Ugandans Living Abroad and Farmers Back Home

Baguma believes the Ugandans living in the diaspora can play a pivotal role in the lives of rural farmers in Western Uganda. Emphasizing rural farmers’ ability and eagerness to learn and to grow, Baguma said that there must be a consistent exchange of ideas between Ugandans back home and Ugandans in the diaspora in order for real growth to occur.

“My message to Ugandans in the diaspora is that there is a lot of potential in Uganda but we must help each other by sharing information and knowledge,” he said.  He feels that Ugandans and Africans in general have resources, but need to know how to use these resources to benefit their local communities.

Ugandans in the diaspora who have established themselves in communities abroad in their adopted countries are in the unique position to lobby businesses, local governments and even the private sector to introduce Ugandan goods and products into foreign markets, he says.

A maize farmer in Western Uganda.

“Ugandans in diaspora can lobby or market these products to businesses and institutions so that these products can be exported,” he said.  “ToroDev can mobilize production, and the Ugandan diaspora can help us link to businesses that are interested in carrying Ugandan goods.”

The entrepreneur believes in utilizing the Ugandan community living outside of Uganda to improve agriculture. “There is a community outside of the community where people can consume our products and goods,” he said. “That community can motivate people whose main activity and only way to make money is agriculture.”

Building a community-based model to help rural farmers had come with its bout of challenges and successes. Baguma said that the lack of resources and infrastructure make it difficult for rural farmers to earn a living.

“One of the biggest challenges is that farmers are lacking improved or mechanized tools,” he said.  “With poor facilities, poor infrastructure, no roads, no communication structure and no internet to market themselves and their products online, farmers are not able to hire high skilled human capital and increase production.”

An information community technology training for rural farmers.

Baguma asserts that logistical hurdles coupled with the inability to break into larger, urban markets make it difficult for rural farmers to be competitive.

One significant success the Baguma is proud of is that ToroDev has been able to train farmers to market their goods.  Secondly, Baguma and his staff have been successful in mobilizing farmers into larger, stronger groups to increase their marketability to larger markets and institutions.

“Right now we have about 7 groups that have registered with companies,” he said.  “We have also helped these farmers with their lobbying capacity to get financing from the government and private institutions.”

Moving forward, Baguma plans to use the $12,000 prize to help farmers in the Rwenzori region break into markets in Kampala, Mbarara and other parts of Uganda. “We will use the money to expand and continue to work with rural farmers to introduce them to bigger markets and bigger businesses,” he said.

Baguma's passion for both technology and supporting rural Ugandans shines in his work.

The monetary prize from Africa Rural Connect will be used to help farmers grow and market their goods and products in bulk, to help them enter larger, more competitive markets and gain higher returns in urban markets. The prize money will also sustain ToroDev’s efforts to help farmers market their produce so that farmers not exploited, help farmers manage post-harvest losses and link farmers to prospective buyers in urban areas.

Mobile Phones and Radio

ToroDev is exploring how mobile phones and radio can help rural farmers increase crop production.

“We make sure that every farmer owns a mobile phone, specifically using mobile phone for business to connect with potential buyers,” he said.  “We are also in consultation with other businesses that want to establish rural information centers in Rwenzori region.”

Baguma said the farmers can go to the information centers and learn about new strategies in crop production, business, marketing, financial management and other skills that will help rural farmers maintain and conduct professional, efficient businesses. Farmers can go to these centers and access information on food production and how to use mobile phones to improve their business.

Mobile phones are also helpful because farmers can get instant messages about markets in the region and get current, up-to-date prices of matooke, cassava and maize so that they are not exploited. “Using instant messages on mobile phones eradicate middlemen and help rural farmers be more efficient and productive,” Baguma said.

ToroDev also uses the media to help play a significant role in helping rural farmers gain access to information and share knowledge. They draw upon 7 radio stations in Rwenzori, engaging the radio stations owners and asking them to bring agricultural information on improved production and marketing.

Baguma feels that radio stations in rural areas cannot and should not just be a source of music and entertainment, but can fulfill a greater role in serving community members by being a source of education and economic mobility. “Radio has always been the traditional institution in rural areas,” he said.  “Here is an opportunity to share knowledge to help rural farmers be productive by giving them information.”

Baguma said that radio efforts particularly target maize farmers, because maize is a staple food in the Rwenzori region and can also be sold to prospective buyers. He said that growing maize is a simple way to provide food for children and families.

For Baguma, the motivation to continue helping rural farmers in Western Uganda grows from encouragement and recognition of the Ugandans at home and in the diaspora. Being acknowledged by his fellow countrymen propels him, and keeps him and his staff moving forward.

“My motivation is to see a community teaching each other,” he said.  “Sharing skills and sharing knowledge to build stronger communities.”

For more information on Johnstone Baguma

Toro Development Network at http://www.torodev.kabissa.org/

Go to the www.AfricaRuralConnect.org, a webste maintained by the National Peace Corps Association to learn about other innovative ideas to help rural farmers.

Go to http://www.kabissa.org/blog/best-approaches-ict-rural-development blog to read blog posts by Johnston

To get in contact with Mr. Baguma or find out about donate to Toro Development Network email jkbaguma@torodev.kabissa.org

Find Mr. Johnstone Baguma on Facebook at facebook.com/johnstonebk

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New York (Ugandans Abroad)— If you’ve ever been to an elegant Afro-themed party in New York City, odds are high that your path may have crossed with 29-year-old event planner Rhoda Wasswas.  Although Rhoda has been informally helping her friends and family plan events for years, she launched her own business, Afrho Chique, this fall.  The name draws upon her African roots, Rhoda’s name, and the chic sensibility she brings to her events.

Rhoda Wasswas, the founder of Afrho Chique.

Afrho Chique got its start in November when Rhoda organized the premiere of Growing Up African with her sister and now business partner, Christine Wasswas.  Growing Up African is a New York-based reality show about five Tanzanians growing up in New York.  The premiere took place at Bar 13, a Manhattan lounge and club on East 13^th street.  Rhoda had known the Tanzanian family through mutual friends for about four to five years, and hoped the reality show would showcase the unique experience of growing up in an African household in the U.S.

Although she’s loved organizing recent events like the Growing Up African party, Rhoda had cold feet at first.  She went to school for information technology, and currently works as a technical analyst.  But ultimately, her business “made perfect sense,” she said.  “People have been begging for me years to go ahead with it.  It just seemed like a good idea, since I have the entrepreneurship bug in me.  It’s been profitable and successful in the past two months.”

One thing clear from speaking with her is that perhaps no one knows New York City quite as well as she does.  Rhoda was born in Rhode Island, but grew up in the Northeast Bronx.  Her parents were both born on the outskirts of Kampala, and her father moved to Istanbul, Turkey where he was studying to become a bishop in the Greek Orthodox Church.  He also studied at Columbia University and finished his Ph. D in theology at Yale University.  Her father also pursued a master’s in social work at Rhode Island College which led to his career working as a child evaluation specialist for the City of New York.

Although he passed away in 2006, Rhoda’s mother still resides in New York, working as a nurse’s aide at a home for the mentally disabled. “I’m a Ugandan-American,” Rhoda told Ugandans Abroad.  “I’m an American Ugandan.”  Growing up, the smallness of the Ugandan community in New York could be challenging—there are no Ugandan neighborhoods in the Bronx, Brooklyn, or any other borough.

Rhoda founded Afrho Chique with her sister Christina Wasswas.

“New York is a melting pot of many cultures, you’ll walk through Spanish Harlem, Chinatown, places that resemble Senegal in Harlem, you can go through Italian neighborhoods,” she said.  “I’m East African, and I’ve never walked through a Ugandan neighborhood.  Identity-wise, it was a little rough.”  To get a sense of where she came from, Rhoda would have to wait for a birthday, funeral, graduation, or other social functions to get together with other East Africans.

“It was always a one-off event,” she said.  “It’d be awesome to have a little Kampala somewhere in New York City.  If that day ever comes, it’d be very beneficial in helping us promote ourselves.  A lot of people have no knowledge of Uganda—they only know about us through what’s depicted in the news or media such as the film, the Last King of Scotland.”

To stay close to her Ugandan roots, Rhoda tries to travel home whenever she can, and keep up with the news on the ground.  “I literally have my suitcase packed by the door ready to go back home at any time,” she said.  “I try to travel and focus on what’s back home, so that when the day comes for me to return, I won’t be shell-shocked.”

Sometimes her unique background can make life a bit complicated.  As a Ugandan-American female, Rhoda says dating in New York can be hard.  Many Ugandan women and men abroad, she says, feel that if they go out with other Ugandans, it has to be somehow arranged by their parents, and supported by their relatives, adding pressure to a process that couples might want to happen more organically.  Rhoda wants to organize a Ugandan speed-dating event at some point to help Ugandans abroad feel more comfortable going on dates with one another.

Growing up as a Ugandan woman in New York and working many different jobs throughout her life has given Rhoda interesting insights into planning African events abroad.  “Turnout is the biggest issue,” she said.  “We’re all migrating from a place where we came from nothing, and to get events up and running costs money.  The events tend to not be lavish; most of them are not exclusive.  They tend to be in low-key areas like lounges and areas that are willing to accommodate their budgets.”

Having fun in New York City.

Due to this, Rhoda says people in the diaspora will pay $30-40 to go to a lavish event, but not pay for “events catered by their own because they’ll say the venue doesn’t look that nice.”

Another frustrating aspect she’s encountered is that “there’s some kind of weird mentality where they don’t want to give that money up to their fellow brother,” she said.  “They feel entitled, saying ‘I know so and so, I’m only coming in here to look for my sister.’  It’s kind of discouraging.  I’ll see a face at a Spanish club and know they spent $30 at the door and $100 in drinks, but won’t pay $5-10 for an event or $2 for drinks, where they can party all night until 6 in the morning to their own tunes.”

For Ugandans coming to New York from out of town, whether it’s Boston, L.A. or Kampala, Rhoda shared her favorite spots.  “They call me the hole-in-the-wall girl,” she said.  “I’ve been partying since I was fourteen.  The opportunities in New York are endless for every day of the week, and I’ve seen it all.  I tend to retreat to lounges, or a laid-back atmosphere.  Even if there’s no one in the room, I can dance by myself, or invite my friends and dance the night away.”

Rhoda’s recommendation for out-of-towners includes Belmont Lounge, on 117 East 15^th Street, a short walk from Union Square.  She likes to go there for good reggae music on Sunday nights.   “Good people, good vibes, I’ve never seen a scratch being thrown there – stress free environment,” she said.  “I go there by myself to mellow out.  It’s roots, rockers, reggae, old-school tunes.”

Uptown in Harlem, Rhoda’s a fan of Moca Restaurant and Lounge, on 2210 Frederick Douglass Boulevard.  “It’s something jazzy and laid-back, even great for date nights,” she said.  For live music and raw talent, she loves The Village Underground, on 130 West 3^rd Street, a small club with a great reputation for strong, artistic performances.  “People who can sing!” she said.  “On Wednesdays or Fridays, there’s really good talent down there.”

Ugandans Abroad trusts Rhoda's judgement on where to go out for a lovely time.

In Brooklyn, Rhoda recommends En, a Nigerian-owned restaurant in Fort Greene at 120 Lafayette Avenue.  “It’s a nice, chill lounge with great music,” she said.  “The DJs on Friday and Saturday play real, funky music and Afropop.”  For those spending time in the Bronx and wanting a good time, she suggests Mingle’s Café.  “In the Bronx the choices are limited, but ambience-wise, it’s a better venue,” she said.

For Ugandans planning on throwing their own parties for the holiday season and New Year’s, Rhoda has a few tips for those wanting to use an event planner.  “Know your budget, if you want something up-scale or low-scale,” she said.  “Know how much money you’re working with.  If it’s $500 or $5000, specify that clearly.”  She also advises those organizing events to select a range of three to five dates within a specific month or time period so that the planner can shop around.

She says it’s also helpful to figure out if you want the function to be public or private.  “Some venues are flexible and will allow you to use their space alongside regular patrons, and you may not have to spend a dime,” she said. For those who are having trouble coming up with ideas for a party, there’s no need to worry. She says, “Afrho Chique combines traditional elements with creative twists that reflects our clients personality and style.”

Rhoda hopes that her own business can help Africa become more of the mainstream fabric of New York and beyond.  For example, she would love for conventional entertainment venues to incorporate African music into their playlists.  “I want people to hear Africa, and not shiver or quiver,” she said.  “To understand that we’re just like them, struggle like them, work like them, and party just like them.  We make a big contribution to society here and societies back home.”

At the end of the day, she would like the Ugandan diaspora to go after their dreams, and make an impact both abroad and back home.  “Whatever dreams you have, definitely go after them and accomplish,” she said.  “Put Africa back on the map in any way possible! Say that I know a great Ugandan singer, athlete, lawyer, whatever it may be.  Africans tend to keep it in a lock box, but keep your stamp here—you can be known home but abroad as well.  Leave your mark wherever you go!”

Rebecca Harshbarger is a journalist based in New York City.  She used to live in Uganda.  You can follow her on twitter at rebeccaugust.

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KAMPALA, Uganda (Ugandans Abroad)— Uganda has various opportunities worth billions of shillings in profits for local and foreign investors; with the Government promising an umbrella of protection.

The latest report from the Uganda Investment Authority, presented at the ‘Home is Best’ business summit for Ugandans in the diaspora held in Kampala this week, shows that the country is ripe with various investment opportunities.  The Ugandan Investment Authority organized the summit at Hotel Africana, which focused on leveraging the diaspora’s skills and resources for economic development in their motherland.  Ugandans abroad home for the holidays attended, including representatives from the Uganda North American Association.

The "Home is Best" diaspora business summit at Hotel Africana showcased investment opportunities in Uganda. Daniel Alinda.

The country’s inflation rate has been a single digit for over 15 years. There is also a strong economic growth averaging 7.7% per annum since 2000, making Uganda the fastest growing economy in east Africa.

The state minister for finance, planning and economic development Aston Kajara, during the same conference appealed to Ugandans in the Diaspora to return and invest in their own country.

The director for research at Bank of Uganda, Dr. David Kihangire, said the money would help to bridge the savings investment gap, reduce pressure in the foreign exchange market and contribute to economic growth.  The money can also be very instrumental for investment in various sectors of the country.

Areas open for investment

• Agribusiness

Uganda is still one of the leading producers of coffee and bananas in the world. It is a major producer of tea, cotton, tobacco, cereals, oilseeds, fresh and preserved fruits, vegetables and nuts, essential oils, orchids and flowers.

• Fisheries

The sector is then second highest foreign exchange earner for Uganda with export revenues amounting to an estimated $124m in the year 2008. Large fresh water expanses are home to a wide variety of fish products.

Opportunities are available for fish farming and establishment of more fish processing factories on other lakes other than Lake Victoria. Uganda’s fish is a delicacy in Europe and has recently penetrated the US market.

• Manufacturing

Uganda’s manufacturing output has been expanding by more than 10% annually over the last eight years.  Opportunities exist in virtually all areas ranging from beverages, lather, tobacco based processing, paper, textiles and garments, pharmaceuticals, fabrication, ceramics, fertilizers, plastics, assembly of electronic goods, hi-tech and medical services.

• Mining

Uganda has large under-exploited mineral deposits of gold, oil, high grade tin, tungsten, salt, beryllium, cobalt, kaolin, iron-ore, glass sand and phosphates.

A discovery of petroleum wells in Lake Albert region has  dramatically expanded the sector. There are also significant quantities of clay and gypsum. Uganda provides special incentives to the mining sector with some capital expenditures being written off in full.

• Infrastructure

Although significant efforts have been made to rehabilitate and develop the existing physical and non-physical infrastructure, potential investment opportunities still stand. Transport, logistics and energy sectors require more investments. With less than 10% of the mainstream capacity of 2,700 megawatts of power exploited, Uganda has the potential to be major supplier of hydroelectric power to the entire East Africa region.

• Financial Services

Opportunities for investment exist for international multinational banking groups; particularly promoting new or innovative financial products like mortgage financing, venture capital, merchant banking and leasing finance. There are also micro-financing saving institutions which can greatly expand in rural areas.  Insurance is another young sector.

• Tourism

The distinctive attraction of Uganda as a tourist destination arises from the variety of its game stock and its unspoiled scenic beauty. Within a relatively limited space of just over 240,000 sq km. Uganda offers an interesting contrast ranging from the wide east African plains and expansive savanna grasslands to the impenetrable, mountain rain forests and snow peaked mountains in the South Western parts of the country.

Uganda offers a wide range of bird species for viewing in addition to numerous sporting opportunities. The opportunities in tourism range from transport, construction, eco-tourism and marketing.

• Printing and publishing

In the printing and publishing sub-sector, opportunities exist for the printing of textbooks for schools. Currently, imports supply over 90% of Uganda’s textbooks requirements, estimated at accost of $7m a year. Investment opportunities in this area exist in flexography, screen printing, of-set printing and digital printing. Other opportunities include electronic printing, magnetography, thermo graphic printing, ion deposition printing and direct charge deposition printing.

• Education

Uganda runs high quality courses at relatively cheaper costs than other education destinations and is dedicated to making investments in the country. There is need for more primary and secondary schools, alongside universities and other tertiary institutions.

• Information Communication Technology

Uganda’s ICT sector is one of the most vibrant within the region. This vibrancy hinges largely on the good legal and regulatory frameworks. The supportive investment climate therein has exposed numerous opportunities in ICT innovation and services leading to maximum utlisation of the existing youthful human resource base.

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Ugandans will send home an estimated $930 million this year.

David Kihangire, the executive director of research at Bank of Uganda, told Bloomberg Business Week that the diaspora’s well-paying jobs abroad enabled them to send money home regularly.  “There has been an improvement in the inflows,” he said. “The worst of the global financial crisis is over.”

Uganda’s economy earns $3 billion a year in exports.  It receives about as much foreign aid as it receives in money from the diaspora.  The economy is expected to expand seven percent next year.

Globally, the World Bank says remittances are expected to increase from $416 billion in 2009 to $440 billion, from immigrants around the world to their homelands.

The Ugandan Investment Authority hosted the first day of the  4th annual Diaspora Home is the Best Summit in Kampala yesterday.  Those in the diaspora that attended included representatives from UNAA, who read a statement from president Moses Wilson.  One issue he discussed were relatives and friends back home that misuse money sent home.

“Stories abound of significant sums of money remitted by individuals to trusted friends and family members for investment projects that never materialise,” he said in a speech read by Edriss Kironde, who sits on UNAA’s board of directors, according to reporting by the Daily Monitor.

The Uganda Investment Authority’s executive director, Maggie Kigozi, said the government gives away incentives like land and tax breaks on investments and imports to those who register their companies back home, whether they are Ugandans living abroad or foreign companies.

The Uganda Investment Authority also announced that foreign direct investment in Uganda may increase in 2011 by as much as twenty percent, particularly in petroleum, mining and agriculture.  Next year, $1.2 billion is projected, up from $1 billion in 2010.

Kigozi told Bloomberg Business Week that “interest in petroleum is huge,” and drawing investment in other parts of the Ugandan economy.  Some investors are also waiting for Uganda’s elections to finish before jumping in.  Total investment by both Ugandans and non-Ugandans may reach $3 billion in 2011.

To give an example of the interest in Uganda’s economy, about 550 mining companies that have been licensed since 2007 are about to start operations.  India and China are also investing in Uganda’s agro-processing sector.  Tullow Oil will begin oil production next year in the Lake Albert Basin, in Kasamene Field.  Uganda has an estimated 2.5 billion barrels of oil, with 1 billion already discovered.

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