Local investors urged to embrace value addition for sustainable growth
The State Minister for Investment and Privatization, Evelyn Anite, has called on domestic investors to focus on value addition, particularly in the agricultural sector, to ensure Ugandan products do not end up being sold at a loss.
Speaking at the Mark4 Cosmetics Manufacturing Company in Namanve Industrial Park, Anite emphasized that with the government’s investment of 2 trillion shillings into the Parish Development Model (PDM), it is now time for Ugandans to shift towards adding value to their products.
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“Now that we have invested heavily into the Parish Development Model, it’s essential that we encourage more Ugandans to engage in value addition, ensuring their products are not sold at a loss,” Anite said.
Anite further outlined plans to sensitize domestic investors on how to access affordable credit and work with venture capital companies to reduce reliance on banks.
She also promised to expedite infrastructure development in industrial parks across the country and operationalize other parks to support growth.
In a show of support for local entrepreneurship, Anite commended Dr. Annie Nakanwagi, the CEO of Mark4, for her innovative approach to business and for creating jobs for over 75% of her workforce.
Anite encouraged other Ugandan women to follow Nakanwagi's example, noting that the government is committed to helping them succeed by advocating for loans with affordable interest rates.
"Dr. Nakanwagi is an inspiring entrepreneur who didn’t wait for millions to come her way but started small. I urge other women to follow in her footsteps," Anite added.
Dr. Nakanwagi, who founded Mark4 Hair Products, expressed gratitude to the government for providing her with a one-acre plot of land in Namanve Industrial Park at no cost.
She urged fellow Ugandan investors to take advantage of the opportunity to request land in Namanve, as it offers them visibility and access to government officials who can help address their challenges.
Nakanwagi, a medical doctor by profession, shared that her journey to launching her cosmetics company began a decade ago when her own skin problems led her to develop a solution using medicinal plants, avocado, and other natural elements.
While grateful for the 12% interest rate loan from local banks, Nakanwagi voiced concerns over the bank’s loan terms.
According to her, the 12-month grace period stipulated by the banks is not being honored, as borrowers are often required to start repayment just one month after receiving the loan. She called for government intervention to ensure that the loan conditions are adhered to and that a proper grace period is granted.
This push for increased value addition, better financing options, and improved infrastructure underscores the government's commitment to supporting local businesses and fostering industrial growth in Uganda.
