Uganda Investment Authority Partners With SMEs Body To Create 5000 Jobs For Youth

Posted by: Kyeyune Andrew Jonathan in Business March 8, 2022

The Federation for Small and Medium Enterprises (FSMEs) together with the Uganda Investment Authority (UIA) have signed a memorandum of understanding.

This is to enable them jointly create a favourable environment for SMEs. This MoU will result in the creation of 5,000 jobs for Ugandan youth.

Dr Paul Kyalimpa, the Deputy Director-General UIA spoke at the signing ceremony on Monday, March 7, 2022. He 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. This 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,” he said.

He also said that goods and services produce should meet international standards if we are to remain competitive.

The Executive Director FSME, John Kakungulu Walugembe, welcomed the partnership on capacity building.

“Collaborations like these allow us to contribute to the creation of 5,000 jobs for the youth. And also 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.

Ms. Winnie Lawoko-Olwe, Director of the Domestic Investments Division, said the SME Portal helps to find a strategic plan for the SMEs and their support across the country.

She said once an SMEs information is uploaded to the portal, it can be geo-mapped to determine who else is in the value chain.

It also shows them how everyone in the value chain can work together. And then how the government and partners can provide support.

Using this, the SME can be analyzed to determine its capabilities and also the risks it might face. This results in the de-risking of the SME.

The MoU cements the relationship between Uganda Investment Authority and Fsme to support the transformation agenda for SMEs.

This is so they can become even more competitive in both local and international markets.

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