By Kampala Post Reporter
Private business proprietors and young entrepreneurs have been urged to formally register their businesses if they are to be supported by government.
Michael Wamibu, the Commissioner Business Development, Ministry of Trade and Cooperatives notes that the biggest problem with entrepreneurs in Uganda is formalizing their businesses, which he says makes it difficult for them to access funding from government.
“The main challenge faced by SMEs is that most of these are informal and government finds it hard to collaborate with these particular businesses. This has affected entrepreneurship in Uganda at large,” Wamibu noted while speaking at a two day workshop for young entrepreneurs organized by KOICA (Korea International Cooperation Agency), held at Ntinda Vocational Institute on Friday.
The Commissioner asked the entrepreneurs to take advantage of the East African regional trade agreement of which Uganda is part. He said such agreements and regional trade organizations like the Common Market for East and Southern Africa (COMESA) among others will potentially help entrepreneurs market their products and services, especially when their businesses are formally registered.
Meanwhile the Executive Director of KOICA Club of Uganda (KOCU), Samuel Mpiira advised civil servants to engage in businesses early enough to plan for their retirement. He emphasized the need for civil servants to look beyond jobs and invest in businesses early during their youthful years, so that they only settle to boost the already existing businesses when they retire.
“Many times civil servants wait to get their gratuity to begin businesses but by that age, you are too old to begin making stunts with money. You are too old to take risks,” Mpiira noted.
Korea International Cooperation Agency (KOICA) Uganda Office was founded in September 2010 and since then the Agency has partnered with government to implement proper development programs aimed at improving local people's living conditions.