The Uganda Investment Authority (UIA) and the Federation of Small and Medium Enterprises (FSMEs) UIA have signed a memorandum of understanding to create a favourable environment for SMEs, which will result in the development of 5,000 jobs for Ugandan youth.
Speaking at the signing ceremony on Monday, March 7, 2022, Dr Paul Kyalimpa, the Deputy Director General UIA, said SMEs must have the required capacity to grow.
“Our goal is to facilitate the extent of investment as well as the type of ventures that our local investors engage in, which will result in an increase in the quality of goods and services we produce as a country, the number of jobs being created, and an improvement in the quality of the jobs.
The goods and services produced must also meet international standards in order for us to remain competitive,” he said.
John Kakungulu Walugembe, Executive Director FSME, welcomed the partnership on capacity building.
“Collaborations like these allow us to contribute to the creation of 5,000 jobs for the youth and help spur the country’s industrialization agenda. In addition to this, we will ensure that our SMEs have the capacity building, access to markets, and financing that they require to grow,” he said.
According to Ms. Winnie Lawoko-Olwe, Director of the Domestic Investments Division, “the SME Portal helps us find, strategically plan for, and support SMEs across the country.”
“Once an SME’s information is uploaded to the portal, we are able to geo-map them and understand exactly who else is in the value chain, how everyone in that chain can work together, and what support the government and our partners should provide. We are also able to analyze the SME, their capabilities, and the risks they face, resulting in their de-risking so that they can access the financing that they need,” he said.
The MoU cements the relationship between UIA and Fsme to support the transformation agenda for SMEs so that they can become even more competitive in both local and international markets.