Kampala — Burundi has put out the welcome mat for numerous areas of investment in a country that ranks high for doing business in the annual World Bank/IFC survey.
“There are 10 reasons why Burundi is ready for investors, that include sound foreign direct investment attraction measures, clean eligibility criteria to investment, investors protection and untold tourism attractions,” Jean Bosco Barege, the Burundi Ambassador to Uganda said last week.
He said several reforms have been carried out aimed attracting foreign direct investment to the country. He was speaking during an investment conference organised by the Bujumbura government and the Uganda National Chamber of Commerce and Industry (UNCCI) held at Serena Hotel in Kampala.
He said Burundi has 10 million consumers and is a member of the bigger East African Community which has a population of 133 million.
Dr. Adolphe Birehanisenge, of the Burundi Investment Promotion Authority said “Burundi is a country full of reconstruction where priority investment opportunities exist in infrastructure, energy, mining, food processing, manufacturing, health, real estates development, education, water treatment,” he said.
“Other reforms include registering you business in one day at a cost of $30, exemption of duty on imports of capital goods and raw materials, value added tax on import depreciable goods and raw materials for projects worth $385,000 or more and a tax credit equivalent to 37% of the actual investment made,” he said.
He said foreign investors have free choice to repatriate benefits after tax while expropriation is legally prohibited.
“Our future plans include establishment of special economic zones, implement online business registration before the end of this year,” he said.
Others are improving on the World Bank indicators on doing business including resolving insolvency, getting financial credit, trading across borders, paying taxes and getting electricity.
He said the government is ready to sign memoranda of understanding with investors to develop tourist sites that include among others Nyanza Lake and the Kirundo Golf and Country Resort.
“The memoranda will include developing and finalizing plans to construct a lodge and equipping all facilities,” he said.
Uganda trade minister, Amelia Kyambadde said Burundi has recovered from civil wars.
“Burundi and Uganda are members of the EAC and COMESA, the growth of Burundi therefore contributes to the growth of partner states,” she said.
She said Burundi, like Uganda, is focused on infrastructure development, energy, ICT, high quality and standards.
“Therefore policies that create a conducive environment are important, including the elimination of non tariff barriers, promotion of entrepreneurship and revitalization of cooperatives,” she said.
The volume of trade between the two countries has grown from $82 million in 2009 to $92 million in 2012 while exports from Burundi have grown from $800,000 in 2008 to $2.8 million in 2012.
UNCCI president Olive Kigongo said that EAC partner states governments should improve the infrastructure that would in turn reduce the costs of doing business in the region.
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