Uganda to draft small, medium enterprises policy

Uganda is planning for the establishment of a national Small and Medium Enterprises (SMEs) policy aimed at boosting its private sector and investment.

Minister of State for Investment Ssemakula Kiwanuka was quoted by Daily Monitor on Saturday as saying the absence of a SMEs policy framework has curtailed the efforts to develop the sector.

"We need to help SMEs grow through the proposed policy document. The absence of this policy has recoiled efforts to help small businesses develop. As government we are ready to join stakeholders to guide interventions in the private sector," Kiwanuka said.

Enterprise Uganda, Private Sector Foundation of Uganda and the National Agricultural Advisory Services are the three agencies that will oversee plans to have a SMEs policy in place by next March.

The initiative was funded by the Commonwealth Secretariat in London.

Charles Roland, the Commonwealth representative to Uganda, said the SMEs in Uganda should be regarded as major players in the economy and promoting the SMEs is a way of empowering the poor.

According to Enterprise Uganda, there are over 800,000 SMEs in Uganda, comprising about 90 percent of Uganda's private sector and employing about 1.5 million people.

Source: Xinhua