Saturday November 17 2012

Minister calls for prudent financial management

By Monitor Reporter

The minister of Trade Ms Amelia Kyambadde has said Ugandans should embrace the much needed financial prudence while running business if they are to compete favorably with global investors.

Ms Kyambadde made the remarks early this week while flagging off businessmen and women who will benefit from a Barclays Bank initiative that involves a tour to a number of business installations in India.

She said Uganda is currently witnessing a trade imbalance with India of about $900 million, a situation she described as worrying.

Small and Medium Entrepreneurs (SMES), according to the minister, could be some of the best solutions upon which Uganda can rely on to correct the trade inbalance.
Mr Charles Ongwae, the Barclays Bank managing director, said the bank is committed to support business people through opening up avenues for business growth.

He said: “We see ourselves as a trade facilitators through provision of suitable financial solutions to enable customers carry out trade in goods and services.”

Barclays Bank has for the last five years been involved in boosting Uganda’s trade activities through provision of financial literacy, business clinics and giving Ugandans an opportunity to learn from experience through tours to model countries.

However, Uganda continues to perform poorly in identifying export opportunities, one of the channels through which the country’s trade could be uplifted.