Rugunda: "Gov't will draft laws to support SMEs"
SHARON HOPE NAIGAGA
The Prime Minister, Dr.Ruhakana Rugunda has said government is in the final stages of coming up with legislations that will support the growth of small and medium enterprises.
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The current business environment seems not to be favouring the small and medium enterprises that are struggling to cope with the high cost of doing business.
This coupled with the high bank interest rates, makes it difficult for SMEs to access cheap credit and poor business management skills have seen most business close even before their first birthday.
But speaking during the launch of the Business Incubator in Kololo and graduation of 34 small and medium sized entrepreneurs as the first cohort of the Incubator, Rugunda revealed that government is as well concerned about their pleas.
"We hear the concerns of the SMEs that is why we are going to make laws to support them," Rugunda said.
Rugunda said this will help in boosting the oil and gas sector by addressing the challenges faced by SMEs that employ 2.5 million people and produce 80%of Uganda’s manufactured output.
Stanbic Bank Chief Executive Patrick Mweheire said that the programme started with training companies in the fabrication and construction.
