Ugandan Small and Medium Enterprises (SMEs) have been advised to exploit the regional markets and opportunities in order to grow their companies.
Speaking at the celebrations to mark 11 years of the Daily Monitor organised Top 100 Mid-sized Companies at Sheraton Hotel on Wednesday morning, Uganda Investment Authority (UIA) Acting Director for SMEs, Eriya Kawereka said that Uganda must utilise the available opportunities to achieve faster economic growth.
“Think strategically for East African Community, Common Markets for East and Southern Africa (COMESA) and the African Union ((AU) markets before you think international,” Kawereka said.
Statistics indicate that that African population is expected to grow by 42% in the next 10 years, with more people joining the middle income status
“In East Africa the economic growth outlook is potentially the most rosy especially with the discovery of oil,” said Philip Oucor, the Head of Sales, Capabilities and Distribution, Crown Beverages.
He urged SMEs to come up with strategies to enable them survive in the emerging markets.
“Companies now need to remain relevant with their products, brands and packaging as they strive to enhance consumer intimacy,” he added.
The SMEs have also been advised to form strategic alliances with potential competitors.