President Yoweri Museveni, speaking at the recent presidential investors’ conference held at the Kololo Independence Grounds, emphasized the importance of creating comprehensive linkages in the production value chain for both local and foreign investors to thrive in the business landscape.
During his address, President Museveni outlined key sectors for potential investment, starting from commercial agriculture and the mining industry and extending to the services sector, including hotels, transport, professional services, and health. He stressed the necessity of providing clear channels for beginner investors to navigate and understand where to initiate their investments within these sectors.
Highlighting the pivotal role of agriculture and manufacturing, the president urged investors to focus their resources on these areas, noting that the government has established financial support to facilitate their endeavors. Mr. Ramathan Ggoobi, the secretary to the treasury, affirmed the government’s commitment to addressing the capital needs of investors at affordable rates.
“We have deployed over Shs1.4 trillion through Uganda Development Banks, providing investors with quick access to funds. Additionally, we’ve invested over Shsl trillion through Uganda Development Cooperation in strategic sectors,” explained Mr. Ggoobi. He further detailed the deployment of funds through various channels, including the agriculture credit facility and the Invite Fund, which is specifically earmarked for export-oriented investors.
The Emwoga Fund, with an allocation of Shs480 billion, targets businesses in urban areas, contributing to the government’s broader efforts to stimulate economic growth and development. Mr. Ggoobi emphasized that through the Parish Development Model, substantial amounts have been distributed, with projections indicating a significant increase by the end of the financial year.
Recognizing the entrepreneurial spirit of women in Uganda, Mr. Ggoobi highlighted the President’s support through the ‘grow project,’ where women entrepreneurs received a total of Shs815 billion, fostering growth opportunities and productivity in women-led enterprises.
The Uganda Banker’s Association, responding to the President’s call for patient and development-oriented capital, pledged to set aside Shsl trillion for export activities within the region. This commitment aligns with the government’s push to create an environment conducive to sustainable business growth.
However, the Minister of Finance, Mr. Matia Kasaija, addressed concerns about corrupt practices among public officials misappropriating funds. Expressing frustration, he mentioned encountering challenges in ensuring funds are utilized for their intended purposes. Mr. Kasaija expressed his commitment to addressing corruption-related issues in private discussions with the President
