By Shamim Saad and David Rupiny
As part of the initiative to transition traders and importers to manufacturing and value addition, the Uganda Investment Authority (UIA) has held a strategic engagement with key stakeholders to enhance investor readiness and foster stronger partnerships.
The move is aimed at fostering partnerships between traders and potential investors and enhancing financial and operational readiness for scaling business formalization, standards, and market access.
Speaking during the meeting held on Wednesday (April 23) at the UIA head offices in Kololo the Director for Domestic Division, Richard Nuwenyesiga noted that equipping traders with technical, managerial, and entrepreneurial skills necessary for manufacturing, and value addition is key.
“As you are transitioning from trading to manufacturing, we thought it appealing to bring the relevant government agencies to speak to you on what is required of you to thrive in businesses,” he said.
He added “This we believe will enhance your market linkages both locally and internationally, through branding, certification, and market research”.
The Director, One Stop Centre, Justine Kasigwa noted that compliance is crucial as traders transition to manufacturing.
“The One-Stop Centre brings together over 11 government and private sector agencies under one roof to offer seamless advisory and support services. I Implore you to visit and utilize it maximumly.
Request to formalization, the Registrar, of Business Registration at the Uganda Registration Service Bureau (URSB), Kizza Zeuse, urged Kikubo traders to register their businesses, gain legitimacy, build trust, and secure their business name and intellectual property rights hence being compliant to avoid penalties.
“Formalize your businesses if you want to earn more and thrive,”Zeuse stressed
The Tax Revenue officer at Uganda Revenue Authority (URA), Molly Dusabe appealed to the traders to research deeply and understand the businesses they intend to pursue citing that a well-informed move will set them up for success.
The Senior Standards Officer, of Uganda National Bureau of Statistics (UNBS), Peter Mayanja said fair trade starts with an accurate measurement, trust, and transparency. “Standards guide manufacturing to ensure both buyers and sellers get a fair deal” Mayanja emphasized.
A Lawyer, from the Global Competitiveness Initiative (GIC), Aheebwa Rogers Musiime, said “We have partnered with UIA and government agencies to handhold you to start your businesses from trading to manufacturing, we have a business advisory desk at GCI to guide you on what you need to thrive in business and these services are free of charge,”.
The from trading-to-manufacturing initiative by UIA reflects its commitment to boosting domestic investment by empowering local traders and importers to transition to manufacturing and enhance import substitution and value addition.
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