Minister urges entrepreneurs to recommit to innovation, hard work

The Minister of State for Finance, Planning and Economic Development Henry Musasizi has challenged businesses persons, government and non-government institutions countrywide to invest in Uganda’s growing sectors if the country is to grow its economy that currently at Shs205trillion for financial year 2023/2024. 

The Minister also highlighted that meeting Uganda’s targets of vision 2040 requires the government to re-double efforts on strategic financing and resource mobilisation, prioritising support to the private sector, particularly local small and medium enterprises (SMEs0 to build capacity for driving industrialisation, enhancing exports, creating jobs and increasing local content, as per national development plan three (NDP) III.“Let us recommit ourselves to innovation, hard work and determination. Don’t stop at celebrating the award you have achieved today but strive to perform better and grow your respective businesses and institutions to take Uganda to greater heights in terms of economic growth in years to come,” Musasizi said.The minister made these remarks on Friday evening at Serena Hotel Kampala while presiding over the 12th anniversary of the Uganda Visionaries awards ceremony 2024.Organised under the theme celebrating excellence and strengthening sustainable inclusive socio-economic development, the awards were aimed at recognising and appreciating businesses and institutions that have transformed Uganda’s economic landscape in different sectors over the past 12 months.In his remarks, Minister Musasizi shared that over the last decade, Uganda’s economy has tripled in size from Shs65trillion in financial year 2010/2011 to approximately Shs205trillion in financial year 2023/2024. The life expectancy has also improved from 63 years in 2011 to 68 years in 2022 and the country has graduated from the low to medium human capital development index rank.Uganda has also diversified her export basket significantly, moving from traditional agricultural exports to extractives and tourism. As of 2021, Uganda’s top exports are gold that contributes 36.8 percent, travel and tourism 17.2 percent, coffee, 10.5 percent, ICT at 9.7 percent, transport 3.2 percent, cocoa beans at 1.8 percent, among others.While making her remarks, the Minister for Lands, Housing and Urban Development, Judith Nabakooba noted that for Uganda to support visionary leaders; “We need strategies on sustainable land use, land tenure security, affordable and decent housing and organised and sustainable urban development to realise organised and sustainable urban development.”Minister Nabakooba also urged government to devise measures to fill the daily growing housing deficit in the country as a result of the growing population that the recent Uganda Bureau of Statistics put at 45m Ugandans.Some of the institutions that received awards included Future Technologies as the best visionary technology solutions company of the year, International Business, Science and Technology (ISBAT) University as the best visionary private teaching skills university of the year, and Finn Church Aid Uganda as the best visionary in education in emergencies non-government organisation of the year. Other awardees include National, Uganda Cancer Institute, Uganda agency for development (UGAFODE), eye care centre, among many others.The Uganda Visionaries awards were launched in 2013 by the President and are aimed at recognising institutions and individuals who are contributing towards realization of Uganda’s vision 2040. They have been held annually for the last 12 years.