Uganda Investment Authority-UIA has signed a memorandum of understanding with the Federation of Small and Medium-Sized Enterprises-FSME to improve competence of domestic investors in the country.
The MoU offers room to small local investors to improve working competence to the level of foreign investors in the country by securing for them affordable financing, technology adoption and global market for standard goods.
The Executive Director for FSME, John Walugembe says several small entrepreneurs have failed to secure working space in industrial parks due to lack of funds and knowledge of the procedure followed.
Records indicate that so far 73,400 small and medium-sized enterprises are registered with the federation within different 29 sectors of the economy.
Winnie Lawoko, the Director of Domestic Investment Division at UIA says several small enterprises are composed of good ideas but have always lacked capacity to penetrate markets and provide justification for financing.
The UIA Deputy Director General, Paul Kyalimpa notes that small enterprises have not utilized available space within the industrial parks established across the country.
According to him, the signed MoU will help open up space for such opportunities. At every established industrial park in the country, 20 percent space is designed for small and medium enterprises but these have not been utilized.
–URN
