{"id":88097,"date":"2024-12-01T06:42:58","date_gmt":"2024-12-01T06:42:58","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum"},"modified":"2024-12-01T07:43:16","modified_gmt":"2024-12-01T07:43:16","slug":"private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum","title":{"rendered":"Private Sector Decries Red Tape, Corruption at Inaugural doing Business Forum"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The Ministry of Finance has committed to doubling efforts through business facilitation agencies to boost the competitiveness of Uganda\u2019s private sector.<\/b><\/p>\n

At the inaugural Doing Business Forum, it was revealed that while the private sector plays a pivotal role in the country\u2019s economy\u2014generating 77% of formal and informal jobs, contributing 80% to the GDP, funding 60% of investments, and employing over 2.5 million people\u2014it has long been hindered by various challenges.<\/p>\n

High costs of doing business, limited production capacity, and the difficulty in accessing affordable financing have consistently held back growth.<\/p>\n

Addressing Business Constraints<\/b><\/p>\n

Moses Kaggwa, the Director of Economic Affairs at the Ministry of Finance, noted that the government is committed to addressing these challenges, particularly the high cost of credit.<\/p>\n

\u201cThe government has allocated a total of Shs 8.03 trillion to various wealth funds as alternative sources of capital,\u201d Kaggwa said.<\/p>\n

Despite this allocation, he acknowledged that access to these funds has remained a challenge for some entrepreneurs.<\/p>\n

Different government agencies present at the forum highlighted their ongoing efforts to reduce the cost of doing business.<\/p>\n

Agencies like the Uganda Registration Services Bureau (URSB) and the Ministry of Lands emphasized their work to improve efficiency in services.<\/p>\n

However, the process of securing land, particularly for industrial parks, has remained a bottleneck.<\/p>\n

Corruption Hinders Progress<\/b><\/p>\n

State Minister for Finance in charge of Privatisation and Investment, Evelyn Anite, pointed to corruption in some government agencies as a significant obstacle to the private sector\u2019s growth. \u201cCorruption in some government agencies is crippling our efforts to improve the business environment,\u201d Anite said, stressing that these issues need urgent attention.<\/p>\n

Despite the challenges, Anite assured the business community that steps would be taken to resolve delays in land provision within industrial parks.<\/p>\n

\u201cWe are committed to solving the delays in land allocation to industrial parks,\u201d she pledged.<\/p>\n

Concerns Over Credit Costs<\/b><\/p>\n

The cost of credit remains a significant concern. The average rate of return on investment in Uganda stands at 14%, up from 13% in 2017, but businesses are questioning how they can remain viable with credit rates averaging 18%.<\/p>\n

The forum underscored the importance of finding ways to reduce credit costs to make businesses more competitive.<\/p>\n

As the government and private sector continue to work towards improving the business climate, the Doing Business Forum highlighted both the progress made and the challenges that still need to be addressed to ensure a thriving, competitive economy.<\/p>\n

For More News And Analysis About Uganda<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The Ministry of Finance has committed to doubling efforts through business facilitation agencies to boost the competitiveness of Uganda\u2019s private sector. At the inaugural Doing Business Forum, it was revealed that while the private sector plays a pivotal role in the country\u2019s economy\u2014generating 77% of formal and informal jobs, contributing 80% to […]<\/p>\n","protected":false},"author":84,"featured_media":88096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234],"class_list":["post-88097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-uganda"],"yoast_head":"\nPrivate Sector Decries Red Tape, Corruption at Inaugural doing Business Forum - Uganda<\/title>\n<meta name=\"description\" content=\"The Ministry of Finance has committed to doubling efforts through business facilitation agencies to boost the competi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private Sector Decries Red Tape, Corruption at Inaugural doing Business Forum\" \/>\n<meta property=\"og:description\" content=\"The Ministry of Finance has committed to doubling efforts through business facilitation agencies to boost the competi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-01T06:42:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-01T07:43:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/12\/sm_1733026295.135065.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"586\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Private Sector Decries Red Tape, Corruption at Inaugural doing Business Forum\",\"datePublished\":\"2024-12-01T06:42:58+00:00\",\"dateModified\":\"2024-12-01T07:43:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum\"},\"wordCount\":421,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/12\/sm_1733026295.135065.jpg\",\"keywords\":[\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/private-sector-decries-red-tape-corruption-at-inaugural-doing-business-forum\",\"name\":\"Private Sector Decries Red Tape, Corruption at Inaugural doing Business Forum - 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