Concerted efforts needed to boost investment after COVID-19 – Gov’t Told
The entrepreneurs have asked the government to meet them halfway as they make Uganda a top investment destination. These private sector actors argue that the policy environment must be made conducive and conducive enough for investments to thrive. They made the remarks today at the Bounce Back event organized in partnership with MoTIV and The Innovation Village, Uganda Investment Authority (UIA) at MoTIV premises under the theme “Investing in the face of adversity”. The objective of the event was to promote leading Ugandan companies in business agility, innovation and long-term sustainability.
The Covid-19 pandemic has caused a lot of distress to businesses and economies across the country. This has forced many companies to reinvent their business models, acquire new talent and integrate digital technologies. Today, innovation has become part of the economy, providing entrepreneurs with unlimited opportunities to revamp their businesses and bounce back from the impact caused by the pandemic.
Speaking at the event, Joseph Kiggundu, Director of the One Stop Center for Investment at the UIA, said: “Initiatives such as the Bounce Back event aim to showcase the different investment opportunities that exist in the countries and ensure that entrepreneurs use them to revive their businesses. . The Authority also wants to create a platform through which partnerships can be nurtured between investors. High on the agenda is also to provide assurance to current and future investors that creating a positive investment environment in Uganda is the government’s top priority. »
Japheth Kawanguzi, the team leader of MoTIV and the Innovation Village, said Uganda’s private sector contributes directly to accelerating economic growth, job creation, export earnings and social inclusion; businesses continue to operate in a challenging entrepreneurial environment. These range from lack of infrastructural support both financial and regulatory, to inadequate policies and professional capacity to produce quality products and services that have affected the ecosystem.
Kawanguzi noted, “For us to achieve economic recovery, we need to create an enabling environment that makes entrepreneurship in Uganda a very attractive sector to join. Creative thinking, innovation and investment opportunities can also contribute to business recovery. As builders of the entrepreneurial ecosystem, we have entered into discussions to facilitate the provision of start-up law and continue to support businesses towards recovery by providing business development training, a market and investment opportunities to help rebuild businesses and transform the socio-economic trajectory of the sector. to the top.”
One of the companies that remained resilient during the peak of COVID-19 is “Load KB »a startup providing solutions that solve the mobile power problem by integrating chargers into everyday use items such as car seat organizers, backpacks and more.
Geofrey Mutabazi, the founder of Charge Ko, said: “The pandemic came at a time when we wanted to scale our business. However, the confinement forced us to stop our activities and rethink our product offer. Today, our new product line Charge Ko – a power bank charger for phones, laptops and other electronic devices, has been embraced by the public in rural areas and businessmen who transact and make business online 24 hours a day. So, despite the challenges caused by the pandemic, it has given us the opportunity to reinvent ourselves to meet the needs of our customers.
With the economy fully open, the uncertainty caused by Covid-19 should diminish, now that many entrepreneurs are adopting new stimulus packages to build resilient and sustainable businesses. Actors from both the private and public sectors have come together to help businesses receive skills, access markets and finance to increase the number of jobs available to young people, improve import substitution and improve the quality of goods produced for domestic needs. and international markets.