Category «Business»

Manufacturers tipped on value addition

VP Edward Ssekandi

Local manufacturers must focus on value addition if they are to make any significant contribution to the country’s Gross Domestic Product. The advice is coming from the Vice President Edward Sekandi who was this afternoon speaking at the official opening of the 21st International Trade Fair at the UMA show grounds Lugogo. He said it is not enough for government to improve the necessary infrastructure without manufacturers’ commitment to ensure value addition to their products. The show that runs until October 8th has attracted over 1200 local, regional and international exhibitors This year’s trade fair is running under the theme ‘Accelerating trade and Industrial Growth.      

NSSF announces 11% interest for members

NSSF boss Richard Byarugaba

The National Social Security Fund is to pay 11.23% interest to its members for the financial year 2012/2013. This has been announced by State Finance Minister Matia Kasaija at a news conference held this morning. Legally, the finance minister is required to announce the interest rate before October 1st. Today’s announcement indicates an increment from 10% in 2011/2012, implying that the NSSF will pay out Sh227bn, up from Sh202bn paid out earlier. For the fiscal year July 2010 – June 2011, the Fund paid 6% interest to members. The annual rate of interest that NSSF declares on members’ savings is pegged to inflation. Meanwhile, construction of low cost houses under the National Social Security Fund in Temangalo is set to …

Traders respond to terror threats

The current terror threats have not spared the local traders. Those operating in city arcades are now asking for police intervention to ensure their safety. This comes following a heinous attack on at the Westgate mall in neighboring Kenya which left 61 people dead and over 200 injured. The latest attack has sent a wave of panic throughout the region and beyond. Now the city tenants under the Uganda Tenants and Squatters’ Association are asking government to re enforce security at all shaping malls and other public places. Mohammad Katanyooleka, the association chairman says many arcades lack adequate security and making them easy targets for terrorists. He explained that even though it’s the responsibility of arcade owners to ensure security, …

EU extends more funding for Northern Corridor

Road works

Government has received more funding for construction of the Northern Corridor. An additional 112m Euros has been given by the European Union for expansion of the northern corridor linking Uganda and Rwanda. 364m Euro had earlier been released for construction and rehabilitation of the corridor. According to the EU Vice President for Sub-Saharan Africa Pim Van Ballekom Sh48bn is to cater for compensation of residents affected by the Kampala northern bypass, while 65bn will cover residents affected by the Mbarara bypass. Addressing the media this morning, he said this is a long term funding geared towards improving the transport sector in Uganda. He has asked government to focus on road maintenance if the project is to be successful. The grant …

New business centre launched

Government has commissioned a business process outsourcing centre aimed at transforming Information Technology skills of graduates into jobs and promote Uganda as the leading Business Process Outsourcing (BPO) business destination. The centre is expected to create more than 3,000 jobs for youth. Launching the 240-seater facility located at Statistics house, yesterday, ICT minister John Nassasira said Ugandans should position themselves for the global BPO revenue market by outsourcing and exploring offshore opportunities in banking, insurance and the telecommunications sectors. Business process outsourcing is an emerging form of employment where companies hire out non-core business processes to other companies and individuals to manage them on their behalf. The most common example in Uganda is human resource management where private companies carry …