Small and Medium-sized Enterprises (SMEs) have asked the State House Investors Protection Unit headed by Col Edith Nakalema, to intervene and address the challenges posed by government agencies and parastatals.
SME directors voiced their concerns, highlighting issues such as bureaucracy, limited access, unfair taxation, and stringent terms and conditions that hinder their growth and investment opportunities.
In a recent engagement between the SME community and the State House Investors Protection Unit, sector players expressed their dissatisfaction with the prevailing conditions that make it challenging for domestic investors to thrive.
Biira Bbosa, Chairman of the Katwe Small Scale Industries Association, raised concerns over the distribution of government funds such as Covid recovery funds, Parish Development Model, and Youth Livelihood Funds, indicating that many local investors had been left out.
"We have been frustrated by the manner in which these government funds are distributed, with a significant number of us missing out," Bbosa stated.
The establishment of the State House Investors Protection Unit, spearheaded by Col. Edith Nakalema, has however brought some ray of hope among small-scale entrepreneurs that their concerns will be addressed.
John Walugembe, Executive Director of the Federation of SMEs, emphasized the challenges faced by SMEs, noting that for some, the only path to recovery and growth is through borrowing.
"In some cases, fallen SMEs have no option but to borrow and seek ways to pay back to rekindle their businesses," Walugembe explained.
In response, Col. Edith Nakalema emphasized the importance of promoting domestic investment without diminishing the value of foreign investment highlighting the need to provide domestic investors with equal opportunities to tap into the available resources and create an environment conducive to SME growth and prosperity.
"Boosting domestic investment is not about eliminating foreign investment; it's about offering domestic investors the chance to harness the available opportunities," Nakalema asserted.
The engagement between the SME sector and the State House Investors Protection Unit underscores the importance of addressing hurdles faced by domestic entrepreneurs, with the hope of stimulating investment and fostering a thriving business environment in the country.
Small and medium enterprises play a significant role in economic development, and their success is pivotal to national progress.
