Who we are
Uganda Development Corporation was initially established in June 1952 by an Act of Parliament Cap. 326 of the laws of Uganda to facilitate the industrial and economic development of Uganda. This was done by promoting and assisting in the financing, management or establishment of: new undertakings; schemes for the better organization, modernization or/and the more efficient carrying out of any undertaking; and conducting research into the industrial and mineral potentialities of Uganda. However, the political, social and economic upheavals that afflicted the country in the 1970s to mid-1980s did not spare the Corporation and its investments. The political unrest of the 1970s put toll to UDC’s performance like any other investments of the time. In the context of the wider economic recovery programme (1987), privatization and liberalization policies were pursued. This process saw virtually all the investments of UDC divested; and the Corporation eventually wound up in 1998.
Looking at the history of UDC and its successes in driving Uganda’s industrial agenda, this enriched the debate and arguments for its revitalization. Among the reasons for its re-establishment is derived from the central role state enterprises and corporations play in driving industrial and economic development goals of other countries. It was against this background that the debate for revitalization of Uganda Development Corporation (UDC) as the INVESTMENT ARM OF GOVERNMENT to support the country’s industrialization and economic development strategy was rekindled. UDC was re-established in 2008 under the auspices of the National Industrial Policy. Consequently, the UDC Act 2016 was enacted giving a rebirth to UDC. It was officially launched in 2018 by H.E Yoweri Kaguta Museveni.
UDC’s Mission derives directly from the mandate and objectives for which the Corporation was founded/revitalized. The mission of the Corporation therefore is to “establish sustainable investments in areas strategic to Uganda’s social and economic transformation, and prosperity of Uganda” This mission includes sometimes investing in strategic sectors of the economy that are not attractive to the private sector due to the required high initial investment costs, low returns on investment and long break-even periods.
The Corporation is governed by the Board in line with the UDC Act and management is headed by an Executive Director; with its investment program and operations guided by a strategic business plan.
OUR VISION, MISSION, MANDATE, OBJECTIVES AND VALUES.
VISION: Leading driver of industrial development for the social and economic transformation and prosperity of Uganda.
MISSION: Establish sustainable investments in areas strategic to Uganda’s social and economic transformation, and prosperity of Uganda.
MANDATE: To promote and facilitate industrial and economic development in Uganda.
i To strengthen internal capacity, processes and systems for UDC to deliver its mandate.
ii Leverage partnerships and networks to optimize resources and foster collaboration.
iii Invest in strategic and sustainable investments geared to overall economic and industrial development of Uganda.
VALUES: These values will not only be the principles in which work is conducted at the Corporation but will be considered the staircase to Excellence geared towards creating the right culture to achieve. They include;