Private sector partners with government in seeking trade, investment opportunities

Private sector’s decision to join the government to host the second leg of the Uganda-South Africa Summit in Kampala planned later this year shows a changing narrative in the private sector space, as companies seek business deals and contribute to the country’s growth.

The summit which is expected to attract hundreds of private-sector players with MTN Uganda as the lead, follows a similar meeting held in Johannesburg, South Africa, in February this year, all aimed at attracting Foreign Direct investment from South Africa to Uganda

MTN Uganda Chief Executive Officer, Ms. Sylvia Mulinge, said though the government has a bigger role to play in driving the country’s social-economic development, there’s a need for synergy from the private to have this dream realized.

“We, as MTN Uganda, are committed to working with the government as a partner to ensure that the lives of people in the communities we operate in are thriving.,” she said.

Mulinge said MTN’s success in Uganda to the extent of becoming the country’s largest taxpayer is a testament to Uganda being a viable investment destination and how such an investment can transform communities and the country’s economy.

MTN Uganda paid Shs184.9bn in taxes to the government last year compared to Shs150.5bn in the previous year.

Last year, the country’s private sector players through their umbrella body, Private Sector Foundation Uganda (PSFU), initiated and implemented business missions to Kenya, Tanzania, the DRC, Burundi, South Sudan, UAE, Vietnam and the USA among others seeking to trade and investment opportunities.

This is a departure from the past years in which only the government lobbied for foreign investors and markets on behalf of the private sector players.

PSFU Deputy Executive Director, Francis Kasirinya, said the private sector players are now involved in activities that were initially a reserve for government owed to the transforming economy.

“Our economy is transforming and becoming more mature, and we think that it is natural that we go that direction of seeking business ventures within and out of the country. We believe that working with the government shall bring us the best results in terms of expanding our trade opportunities here and across the world.”

Kasirinya said the private sector’s decision to organize business summits in other countries in partnership with the government is playing a big role in advocating for a better business environment in other countries.

He said the country’s private sector players need to focus on seeking partnerships with other businesses globally for investments, trade and technology to help transform local businesses.