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Trade ministry lauds NMG, partners on Top 100 survey
The managing director of Sun Power Sustainable Energy Ltd, Mr Jonathan Bukenya (5th left), receives a plaque and a placard from the managing director Emburura Lodges, Ms Florence Kibibi, and State Minister for Trade David Bahati after being announced winner of the 2023 Top 100 Mid Sized Companies Survey at Hotel Africana on Friday. They are flanked by (L-R:) Manager Trading at USE Peter Kwagala, partner at KPMG Asad Lukwago, deputy ED UIA Paul Kyalimpa, dfcu Bank CEO Charles Mudiwa, Tourism Ministry PS Doreen Katusiime, and outgoing NMG CEO Tony Glencross. PHOTO/ STEPHEN OTAGE
What you need to know:
- Mr Bahati also said there is the $200m Agricultural Credit Facility, which the government availed to commercial banks to disburse to companies so that they can scale up production to supply the regional and international markets.
The Ministry of Trade, Industry and Cooperatives has said it is happy to associate with the annual Top100 Mid-Sized Companies Survey because it brings out critical information that informs government policy.
While officiating at the 2023 Top 100 Mid-Sized Companies gala dinner on Friday, State Minister for Trade David Bahati said the survey has for the last 15 years done a wonderful job to expose issues affecting SMEs, which are the biggest drivers of the economy.
The Top100 Mid-Sized Companies Survey is a brainchild of Nation Media Group Uganda (NMG-U) and KPMG, an audit firm.
“I am honoured to be associated with Nation Media Group. One of the things that reminds me about the Daily Monitor, I had a friend called Atuhaire. The Monitor was bashing the NRM government where I belong,” he said.
The minister said he called Atuhaire and asked him why the newspaper was ignoring the good things the government had done and only writing about the bad ones.
“…..and Atuhaire said, ‘David if you want to read good news, then go read the Bible because in the newsroom there is no good news,’” Mr Bahati said.
“I am happy that today we have good news at the gala dinner. I am glad to be here. Thanks KPMG for organising this function for the last 15 years. They have done a very good job,” he added.
The minister noted that from the 2023 survey report, 30 percent of the participants are involved in manufacturing, 25 percent in construction, 18 percent agriculture while the rest are into services, which are responsible for 70 percent of the available jobs in the country.
He advised the SMEs to adopt good corporate governance and management practices and approach Uganda Development Bank for affordable credit to recapitalise themselves following the Covid-19 interruptions.
Mr Bahati also said there is the $200m Agricultural Credit Facility, which the government availed to commercial banks to disburse to companies so that they can scale up production to supply the regional and international markets.
He also advised them to familiarise themselves with the investment code to get guidance on the opportunities and incentives that the government has offered them.
The Monitor Publications Ltd Board Chairperson, Prof Samuel Sejjaaka, thanked the sponsors who included dfcu Bank, Ministry of Tourism, Wildlife and Antiquities, Uganda Investment Authority, Innovations Village, Huawei Technologies and Uganda Securities Exchange for financing the survey, which identified companies that withstood the tough times of the Covid-19 disruptions and remained afloat.
Mr Charles Mudiwa, the chief executive officer of dfcu Bank, advised the SMEs to stop underestimating their capacity to grow into multinational companies, saying Samsung, which is a global brand today, started as a small retail shop selling noodles.
He said dfcu Bank traces its humble beginnings to a little room in 1964 because of the clear vision of the founders who knew where they wanted it to go.
Ms Doreen Katusiime, the permanent secretary at the Ministry of Trade and Industry, said last year when she was invited as a guest to the dinner, she loved what she saw.
This year, she said, they decided to participate as sponsors for the survey and gala dinner because of the initiative to celebrate growing SMEs and entrepreneurs who are addressing the challenges the country is facing.
Mr Asad Lukwago, a partner at KPMG Uganda, thanked the top 100 mid-sized companies for participating in the survey.
He said the insightful findings they provided will guide in the selection of the topics for next year’s information sessions.
Before the start of the awards ceremony, Mr Tony Glencross, the outgoing NMG Uganda managing director, was accorded a standing ovation in recognition of his zeal with which he has driven the annual event for the last eight years.
Sun Power Sustainable Energy Ltd carried the day as this year’s winner while Pinnacle Security Limited and Birya United Agencies Ltd joined the Top 100 Club 101, who are the companies whose annual turnover is above Shs25b.
