SMEs urged to utilize tariff-free regional markets
The director general of Uganda Investment Authority-UIA, Robert Mukiza, has advised Small and Medium Enterprises (SMEs) to look at growing their market beyond Uganda.
He made the remarks at the grand awarding ceremony for SMEs in Kampala sponsored by Stanbic Incubator in partnership with the US African Development Foundation.
The two partners have pledged two million US dollars in a project that will run for five years with the aim of supporting SMEs struggling financially.
Mukiza said Uganda has a small population compared to the regional market especially the East African Countries, urging entrepreneurs to utilize the tariff-free regional markets to increase their ambitions and expand their businesses.
“My message to SMEs is that once you start working look at growing your SME beyond the market of Uganda. We will be 45 million people on average but we are part of the East African Community. So when you are having your SME, look at that market,” he said.
Meanwhile, the executive director of Stanbic Bank, Mr Emma Mugisha, said that at the end of the five years, they will have supported many SMEs to develop into bigger companies and attain the necessary skills to grab the regional market.
