Africa-Press – Uganda. Deputy Speaker Thomas Tayebwa has emphasized the importance of a strong insolvency regime in attracting global investors and boosting confidence within Uganda’s business sector.
He made the remarks during the 8th Annual Insolvency Conference.
“A robust insolvency regime not only builds confidence within the business sector but also plays a key role in attracting global investors,” Tayebwa said.
He stressed the need to educate small and medium enterprises (SMEs) about insolvency, which still carries a significant stigma.
“Unfortunately, insolvency still carries a lot of stigma, as no one wants to admit failure,” he noted.
However, he highlighted that insolvency can serve as a path to business recovery, allowing owners to step aside temporarily while others restore the business to health.
Tayebwa assured that Parliament is ready to support efforts aimed at strengthening Uganda’s insolvency framework, including potential legislative amendments.
This initiative seeks to create a more effective regime that reassures international investors that institutions like the Uganda Registration Services Bureau (URSB) are capable of supporting businesses through failure.
He added that a strong insolvency regime is crucial for Uganda’s economic growth, as it encourages investment and fosters business development.
In other news, Uganda is exploring ways to stimulate economic growth, including plans to relocate Luzira Prison to Buikwe to make space for a five-star hotel project.
The move is expected to create jobs and boost the local economy.
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