Uganda has enacted the Investment Code Act, 2019 (the
"Code"). The previous Code was enacted
in 1991 and was long overdue for amendment given the changes in
approach to attracting investment and the glaring weaknesses in the
old Code.
The new Code strengthens the Uganda Investment Authority (the
"Authority"), establishing it as a
one-stop investment centre, and also provides for the financing and
auditing of the Authority. The Code also aligns the provisions on
protection from expropriation with the Constitution, providing for
prior payment of compensation. The Code also expressly provides for
the removal of the now titled Director General (previously the
Executive Director), an area that saw some contention under the old
Code. Interestingly, the provisions on immunity of officials of the
Authority were not reenacted.
