Sunday, July 6, 2025
UG Standard - Latest News
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us
  • Login
UG Standard - Latest News
ADVERTISEMENT

More work is needed to support the indigenous investors, Nakalema tells policymakers

by Juliette Namakula | Assistant Editor
24/10/2023
in News
Reading Time: 3 mins read
A A
0
Share on FacebookShare on Twitter
State House Investors Protection Unit Head Col. Edith Nakalema making her remarks during the State House Investors Protection Unit conference on enabling the growth of Micro, Small and Medium Enterprises on 23rd October 2023. Photo by PPU/ Tony Rujuta.

The State House Investors Protection Unit Head, Col. Edith Nakalema has urged policymakers and other economy stakeholders to support each other in promoting investments in Uganda.

“We should keep on engaging ourselves to deal with challenges and get solutions to the resistance we face to ensure that we all move well,” she said.

Related posts

Looming unemployment: Farmers, Residents in shock as NEMA boss orders the demolition of multi million chicken farm

30/06/2025
329
Suspects in court on Monday.

Mpigi District boss, District Service Commission Members Charged over illegalities in Job offers

30/06/2025
163

Tororo leaders hail Lady Justice Sarah Langa for her Dedication,Mentorship and Integrity

29/06/2025
269
Bishop Lwere with some of the Judicial officers who participated in the Prayer Breakfast.

Bishop Lwere warns Judicial officers against Corruption

28/06/2025
171

Col. Nakalema made the remarks today during a stakeholders’ meeting held at the Office of the Prime Minister in Kampala. The meeting aimed at coordinating economy stakeholders to create a secure investment landscape, was attended by policymakers from government ministries and agencies, bank executives and Micro, Small and Medium Enterprises (MSMEs) leaders.

The State House Investors Protection Unit was established by President Yoweri Kaguta Museveni this year to collaboratively promote and protect a thriving investment climate in Uganda.

Col. Nakalema also underscored the vital role of MSMEs in promoting growth of the country’s economy, saying that they should be accorded all the support they need to ensure that they thrive.

(Left – right) State House Investors Protection Unit Head Col. Edith Nakalema chats with Ministry of Finance and Planning and Economic Development, Director Economic Affairs Moses Kaggwa and Uganda Bankers Association ED Wilbrod Owor Chats with Bank of Uganda ED Finance Richard Byarugaba during State House Investors Protection Unit conference on enabling the growth of Micro, Small and Medium Enterprises on 23rd October 2023. Photo by PPU/ Tony Rujuta.

“More work is needed to support the indigenous investors,” Col. Nakalema noted.

She further highlighted the key issues that policymakers should address while supporting MSMEs such as costs and terms in accessing business loans, alleged high tax charges and cost of standardising local products for a global market.

On the other hand, Col. Nakalema explained that President Museveni’s key priority is to protect and guide investors to a right path and trigger double digit growth of Uganda’s economy.

“As the Head of the State House Investors Protection Unit, I pledge our zeal and collaboration with you to ensure that we eliminate bottlenecks that stifle our investments,” she added.

The National Planning Authority (NPA) Executive Director, Dr. Joseph Muvawala advised that Uganda should deal with the macro issues of the economy at enterprise and household levels if the country is to achieve the double-digit growth of the economy.

“We have done well in dealing with the micro stability of this country. We must now deal with the macro issues that are affecting our economy,” Dr. Muvawala said.

“No economy can sustain its growth well if the locals are not taking part in that economy,” he added.

National Planning Authority ED Joseph Muvawala making his remarks during the State House Investors Protection Unit conference on enabling the growth of Micro, Small and Medium Enterprises on 23rd October 2023. Photo by PPU/ Tony Rujuta.

On the other hand, the Director of Economic Affairs at the Ministry of Finance, Planning and Economic Development, Mr. Moses Kaggwa advised MSME owners to ensure that they formalise their businesses to enable them do business with the government and big firms.

“Most of them are informal, they are stuck there; in that informality yet they contribute a lot to the economy,” Mr. Kaggwa asserted.

Mr. Kaggwa also listed some of the interventions the government has set up to support MSMEs such as Emyooga, Parish Development Model, Agricultural Credit Facility, among others.

“Government has so far injected Shs259bn in Emyooga and Shs1 trillion in Parish Development Model,” he said.

“Uganda Development Bank is also helping a lot of businesses both big and medium with favourable interest rates between 10 and 14 percent.”

The Executive Director of Supervision- Bank of Uganda, Dr.  Tumubweine Twinemanzi explained that many stakeholders tend to focus on finances as the major problem MSMEs face, yet the core challenge starts from record keeping and governance.

“If you are going to solve a problem, then it’s better you first be honest to yourself. We should first focus on the fundamental problem which is financial literacy, governance and records keeping.”

Uganda Revenue Authority Commissioner General John Musingunzi making his remarks during the State House Investors Protection Unit conference on enabling the growth of Micro, Small and Medium Enterprises on 23rd October 2023. Photo by PPU/ Tony Rujuta.

The Commissioner General of Uganda Revenue Authority (URA), Mr. John Musinguzi said no form of taxation should affect businesses negatively or lead to the closure of an enterprise.

“A lot has been said that taxes are high but countries with high tax rates are thriving more,” he said.

“If we pay taxes to the government, and you pay tithe to God, then you keep money for your business to thrive, no business will close if you do that.”

Mr. Musinguzi further noted that they have set up a digitization agenda to make tax assessment and collection more efficient.

“The system is to ensure that no one is overtaxed and able to pay taxes at their places of convenience.”

The Executive Director of Uganda Bankers Association (UBA), Mr. Wilbrod Humphreys Owor said MSMEs are very critical in the development of a country and the government should ensure that they thrive by putting up incentives that support them.

Mr. Owor also urged MSME leaders to be cautious while accessing bank loans, saying, “You must understand when to use bank finance so that you are not choked by the debt.”

The Managing Director of Uganda Development Bank (UDB), Ms. Patricia Ojangole informed the participants that the bank has a package for MSMEs, and they can access loans of up to Shs720m depending on their annual turnover.

“All the Interventions we do are research based so that we can provide practical solutions to Ugandans,” she said.

The meeting was also attended by Bank of Uganda Executive Director for Finance, Mr. Richard Byarugaba, Uganda Registration Services Bureau (URSB) Registrar General, Ms. Mercy Kainobwisho, the Commissioner for MSMEs at the Ministry of Trade, Industry and Cooperatives, Mr. Joshua Mutambi , among others.

Share this:

  • Share
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on X (Opens in new window) X
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...

Related

Tags: Anti corruption unitCol Edith NakalemaDr. Joseph MuvawalaFeaturedJohn MusinguziJoseph Muvwalalocal investors in ugandaNpa

Related Posts

 Abbas urges U.S. to compel Israel to stop violations against Palestinians
News

 Abbas urges U.S. to compel Israel to stop violations against Palestinians

05/11/2022
0
305

Abbas urges U.S. to compel Israel to stop violations against Palestinians RAMALLAH, Nov. 4 (Xinhua) -- Palestinian President Mahmoud Abbas...

Read moreDetails
Equity ranked 4th strongest banking brand globally on brand strength, scoring 92.4 points out of 100

 Equity Bank Under Scrutiny for Alleged Role in UGX.3bn Fake Gold Scam

09/07/2024
618
Minister of Health Dr. Ruth Aceng and Permanent Secretary Dr. Diana Atwiine pay their respects at the burial of Dr. Joshua Musinguzi, a champion in the fight against HIV/AIDS in Uganda. Their presence honors his legacy and dedication to improving healthcare in Uganda.

 FULL LIST: Health Service Commission Shortlists Applicants for Key Roles

18/06/2025
1.1k
Kabuleta and other opposition politicians have teamed up to put an end to Museveni's leadership

 Kabuleta, other opposition politicians team up to put an end to Museveni’s leadership

27/02/2024
497
Load More

Popular Articles

  • Check out the top schools with pupils who scored 6 in 4 aggregates in the 2024 PLE results, as released by UNEB

    PLE 2024 Results: Top Schools with 6 in 4 Aggregates

    4367 shares
    Share 1747 Tweet 1092
  • How to Renew Your National ID Online: NIRA Pre-Registration Portal 2025 Guide

    3966 shares
    Share 1586 Tweet 992
  • NIRA unveils high-tech National ID, mass enrollment set to begin

    2663 shares
    Share 1065 Tweet 666
  • FULL LIST: Ministry of Education, NCDC publish self-study workbooks amid COVID-19 lockdown

    3323 shares
    Share 1348 Tweet 823
  • How to Check PLE Results 2024 on Phone, Online

    1783 shares
    Share 713 Tweet 446
  • PLE 2024 Results: UNEB Clarifies on Release Date

    1650 shares
    Share 660 Tweet 413
  • MPs clear govt to cancel 2020 academic year

    2796 shares
    Share 1150 Tweet 686

Recent Articles

Stanbic Donates mama kits in run up to World Population Day

05/07/2025
KCB Bank Uganda launches "Kyaddala ne KCB" campaign to reward savers with school fees, shopping vouchers, land, and more, fostering financial wellness nationwide.

KCB Bank to give out school fees, shopping vouchers to savers in new campaign

05/07/2025
Luis Alfredo Pérez, Yara Executive Vice President for Africa and Asia giving his address at the launch of Agri-hub

Yara, Asili Partner to Launch Farmer Knowledge Center in Kiryandongo

05/07/2025
During a meeting held at SHIPU offices in Kampala, Col. Nakalema assured the delegation of the Eritrean investors led by Mr. Samuel Tsegoi, the Managing Director of Concord Apartments, that President Yoweri Museveni “is always directing to ensure that we are supporting the investors and that their investments are well protected.”

Col. Nakalema, KCCA intervene to protect Eritrean investors

05/07/2025
Mafumu Dauson joins Lugazi FC

“Lugazi FC Is the Right Place to Develop My Career,” Dauson Mafumu

04/07/2025

Businessman King Ceasor Augustus Mulenga Pledges Affordable Credit in Bid for NRM Entrepreneurs Chair

04/07/2025
Rtd General Mugisha Muntu addressing the gathering at Uganda Law Society headquarters on Thursday.

Ugandans should take a lead role towards the country’s peaceful transition

04/07/2025

Recent CommentsRecent Comments

  • The Journey of Ibrahim Traoré on How President Ibrahim Traoré’s ambitious vision is driving Burkina Faso’s economic growth push
  • Ugandan Scientists Finalists For European Inventors Prize — Press Uganda on Ugandan scientists finalists for European inventors prize
  • Government Pumps UGX1 Trillion Into UDB To Drive Industrialization, SME Growth — Press Uganda on Government pumps UGX1 Trillion into UDB to drive Industrialization, SME growth
  • PS Ggoobi Tips On Building USD 500b Economy — Press Uganda on PS Ggoobi tips on building USD 500b economy
  • Museveni Meets German Envoy Matthias Schauer After Subversion Claims — Press Uganda on Museveni meets German envoy Matthias Schauer after subversion claims

UG Standard - Latest News

UG Standard, published via www.ugstandard.com isa publication of Sahel Media Solutions Ltd, a professional Digital/New Media company in Uganda info@ugstandard.com

Follow us on social media:

Latest News

  • Stanbic Donates mama kits in run up to World Population Day
  • KCB Bank to give out school fees, shopping vouchers to savers in new campaign
  • Yara, Asili Partner to Launch Farmer Knowledge Center in Kiryandongo
  • Col. Nakalema, KCCA intervene to protect Eritrean investors
  • “Lugazi FC Is the Right Place to Develop My Career,” Dauson Mafumu
  • Businessman King Ceasor Augustus Mulenga Pledges Affordable Credit in Bid for NRM Entrepreneurs Chair

OpED

HELLEN MASIKA: From Darkness to Solar Light in Kijumba 

Why de-register a Motor Vehicle in Uganda: and Consequences of Non-Compliance

Challenges of taxing law firms in Uganda

SHEILA ABOTH: Maternal healthcare must be everyone’s business because it takes a village

DARIUS NIWAHA KISHAHO: Securing Health After Retirement: Why a Post-Retirement Medical Cover is a Necessity, Not a Luxury

© 2024 Ugstandard - Latest News by Digital/New Media company.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us

© 2024 Ugstandard - Latest News by Digital/New Media company.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d