WATCH VIDEO: MTN Pictorial showing its participation in the Uganda-South Africa trade, investment and tourism summit in Midrand.
There is a changing narrative in Uganda's private sector, as companies partner with the government to seek trade and investment opportunities.
The private sector's decision to host the second leg of the Uganda-South Africa Summit in Kampala demonstrates their commitment to driving business deals and contributing to the country's growth. MTN Uganda, in particular, is leading this effort.
According to the Chief Executive Officer of MTN Uganda, Sylvia Mulinge, while the government has a significant role in driving socioeconomic development, there is a need for synergy with the private sector to realize the country's goals.
MTN Uganda's success in becoming the country's largest taxpayer exemplifies Uganda's potential as an investment destination and how private sector investments can transform communities and the economy.
In recent years, the private sector in Uganda, through organizations like the Private Sector Foundation Uganda (PSFU), has been actively involved in seeking trade and investment opportunities.
They have initiated and implemented business missions to various countries, including Kenya, Tanzania, the DRC, Burundi, South Sudan, UAE, Vietnam, and the USA. This proactive approach marks a departure from the past when the government solely lobbied for foreign investors and markets on behalf of the private sector.
Francis Kasirinya, the Deputy Executive Director of PSFU, explains that the private sector's involvement in organizing business summits in partnership with the government not only expands trade opportunities but also advocates for better business environments in other countries.
This collaboration with the government is seen as crucial for the private sector's expansion, both domestically and internationally.
The development also highlights the composition of Uganda's private sector, with micro and small enterprises comprising the majority (98.8%), while medium and large enterprises make up less than one percent.
The private sector plays a vital role in Uganda's economy, generating a significant portion of formal jobs, contributing to GDP and investments, employing millions of people, and providing government revenues.
However, the private sector faces challenges such as high mortality rates, with many enterprises operating for less than 20 years, and regional disparities in distribution.
These obstacles limit the private sector's ability to drive sustainable growth and hinder their access to resources, government support, and market competitiveness.
Looking ahead, there is a call for increased collaboration between the private sector, including companies like MTN Uganda, and the government to further boost the country's economy.
While the private sector is already involved in supporting social services such as health, education, and ICT infrastructure, there is a recognition that more needs to be done to create a meaningful impact on the population and the nation as a whole.
