Prime
Govt to use NMG symposium to formulate trade policies
State Minister for Trade David Bahati chats with NMG-U Managing Director Susan Nsibirwa (3rd right) as participants and organisers of the symposium look on at Hotel Africana in Kampala yesterday. PHOTO/ STEPHEN OTAGE
What you need to know:
While opening the symposium at Hotel Africana in Kampala yesterday, Mr David Bahati, the State minister for Trade, Industry and Cooperatives, said the dialogue between the SMEs and government ministries, departments and agencies, generated views that will inform policy formulation at the national level
The Ministry of Trade, Industry and Cooperatives has said it will use the feedback from the Micro, Small and Medium Enterprises (MSMEs) Symposium organised by the Nation Media Group Uganda (NMG-U) to formulate national policies to manage such businesses.
While opening the symposium at Hotel Africana in Kampala yesterday, Mr David Bahati, the State minister for Trade, Industry and Cooperatives, said the dialogue between the SMEs and government ministries, departments and agencies, generated views that will inform policy formulation at the national level.
“I am grateful for the invitation, it is an important dialogue. The views will inform policy formulation at national level--and we mean it,” he said.
“There are several barriers the small businesses face. They include the informality of medium enterprises; people fear to formalise businesses due to taxes. We have capital; MSMEs are not expanding due to lack of working capital,” he added.
Mr Bahati explained that lack of innovations and static mindsets have impeded the growth of small-scale entreprises.
He said through such dialogues, entrepreneurs get exposure to sources of cheaper capital, such as what the government has availed at the Uganda Development Bank and markets for their products.
Ms Susan Nsibirwa, the NMG-U managing director, said the symposium sought to unpack the challenges that hinder MSMEs from reaching their full potential.
“MSMEs are the backbone of Uganda’s economy, contributing to development, employment and economic growth. Despite this, they face numerous challenges that hinder them from reaching their full potential,” Ms Nsibirwa said.
“Today’s symposium aims at addressing the challenges, exploring the opportunities and developing policy recommendations to advance the agenda of MSMEs,” she added.
Ms Nsibirwa added that the topics of discussion showed the benefits small-scale businesses reap from tax and regulatory compliance, strategies for overcoming economic shocks and opportunities to seek collaborations.
The symposium, which was organised in partnership with the Federation of Micro, Small and Medium Enterprises and the United Nations Capital Development Fund, attracted sponsors such as Diamond Trust Bank, Opportunity Bank, Uganda Revenue Authority (URA), Exim Bank, Opportunity Bank, Housing Finance Bank, UAP Old Mutual and Saladin Media.
