SHIPU Builds Investor Confidence, Protects Over $1B and Resolves Hundreds of Complaints in First Year
World Business Journal talks to Col. Edith Nakalema, Head of Unit at the State House Investors Protection Unit (SHIPU), about the agency’s performance in its first year, various initiatives to reinforce investor confidence, the impact and role of the EIPP platform, and common challenges faced by investors.
How has SHIPU performed in its first year, and how does the EIPP portal enhance investor protection?
In the first year, we have effectively protected investments exceeding $1B. The unit handled over 800 investor complaints, resolving approximately 720, with a significant focus on combating fraud, particularly impersonation scams.
The EIPP platform has reinforced investor confidence by providing reliable information from Ugandan government agencies and trusted private sector partners. By consolidating necessary guidance on taxes, incentives, and procedures, the portal streamlines the investment process. This not only saves investors time and reduces frustration by eliminating the need for visits to multiple offices but also mitigates corruption by minimising human interaction.
The portal is designed to serve 4 crucial functions for investors. It provides guidance to authentic government ministries, departments, and agencies; offers mechanisms for safe reporting, including anonymous reporting, with responses delivered within three to four days; facilitates enquiries with a 24-hour response time; and collects feedback to ensure effective enforcement and improvement.
We’ve brought together key entities like the UIA, URSB, and URA into one platform to streamline investor responses and access to investment information.
Protecting, promoting, and guiding investors are all interconnected processes that EIPP efficiently supports.
Investors can easily track their complaints or enquiries using a reference number, allowing for transparency and accountability in following up on issues.
Our goal is to ensure a secure investment experience by providing essential tools for due diligence and guidance, supporting well-informed decisions and minimising risks.
What are the common challenges faced by investors?
Foreign investors struggle with land acquisition delays and potential encumbrances. Both local and foreign investors occasionally encounter bureaucratic hurdles with government officials and deal with risks of identity-based fraudulent activities.
What advice would you give to prospective investors considering Uganda as an investment destination?
To prospective investors, my foremost advice is straightforward: consider Uganda as your top investment destination.
The country provides a stable, secure environment with abundant natural resources and a supportive climate for business. With systems like the Electronic Investor Protection Portal (EIPP), you’ll have the tools for due diligence and risk management.
Although no nation is entirely free of governance challenges, the Ugandan government is dedicated to guiding, protecting, and supporting investors.
