market intelligence
think tank and innovation hub with a new stable platform for growth and sustainable development. Nzeyi explained; “This is being conducted in full collaboration with the government of Uganda and the United Nations Development Programme given that the PSFU is a value-based and ethically driven entity premised on ten sectors that drive Uganda’s economic growth. “The foundation is also the focal point for the East African Business Council and the COMESA Business Council. Using this platform, the PSFU has spearheaded the Trade Policy and Trade Development agenda on behalf of the Uganda business community, directly engaging with regional policy platforms.” Farming for the future Ugandan Investment Authority representative Robert Mukiza focused on the opportunities for Agricultural Value Addition. He reported that the agricultural sector continues to be the most important in Uganda employing approximately 72% of the population and contributing about 32% to the GDP. “However, productivity is limited by a reliance on natural weather conditions and the still widespread use of traditional methods and equipment,” said Mukiza. Fortunately, Uganda remains among the leading producers of coffee, bananas and oil seed crops (sesame, soybean, sunflower etc.). It is also a major producer of other crops like tea, cotton, organic cotton, tobacco, cereals, fresh foods and vegetables, nuts, essential oils, flowers, poultry and freshwater fish. The Ugandan government is therefore pushing for greater commercialisation of agriculture by encouraging the use of irrigation and mechanised farming.
A fast growing economy At a macro level, Uganda is the fastest growing economy in East Africa at a rate of about 3.5% per annum. Key mechanisms that have facilitated this level of growth include the development of a one-stop business registration centre and the allowance of 100% overseas ownership of companies with the ability to repatriate all profits. Power to the private sector A lso speaking at the event was Private Sector Foundation of Uganda (PSFU) Chairperson Humphrey Nzeyi who heads up this apex body for Uganda’s private sector consisting of 230 business associations, corporate bodies, and the major public sector agencies. Since its inception in 1995, the PSFU has served as a focal point for private sector advocacy as well as capacity building and continues to sustain a positive dialogue with government on behalf of the private sector. The PSFU is also the government’s implementation partner for several projects and programmes aimed at strengthening the private sector as an engine of economic growth in Uganda. Nzeyi explained that the PSFU’s competitiveness agenda is driven by the urge to increase private investments and productivity. “The Ugandan private sector appreciates that the government of Uganda is moving steadfastly to establish such an environment and both local and foreign direct investments. He added that as an apex body the PSFU has expanded and scaled up its reach from merely providing business information, managing projects, grants, training and business development support, to a diverse private sector
Issue 1 – 2023
16
Made with FlippingBook - professional solution for displaying marketing and sales documents online