Business
Govt to spend $100m to boost private enterprises, tourism industry
Publish Date: Feb 07, 2014
Govt to spend $100m to boost private enterprises, tourism industry
An aerial view of Speke Resort Munyonyo. FILE/PHOTO
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By Jeff Andrew Lule                                    

Government of Uganda with support from the World Bank has embarked on a five-year project to support private enterprises and government sectors to boast the country’s economic development.

The project which is to cost 100m $ (about sh248bn) will be implemented under the Competitive and Investment Climate Strategy (CICS) funded by the World Bank.

CICS National Coordinator, Dr. Peter Ngategize said the project is aimed at addressing issues that are geared towards improving the business environment in different sectors.

Speaking at the Business Regulations Feedback Portal workshop in Kampala, Ngategize said the project focuses on five components including; supporting the modernization of business licensing and registration to allow efficient operations in the private sector.

“We want a simpler and less costly process in licensing and registration of businesses. This will help to reduce the cost of business and create a friendlier environment to the business community,” he noted.

They intend to promote tourism through modernizing Hotel and Training Institute in Jinja.

Other components include a matching grant meant to support other enterprises like agriculture to promote value addition and improve the capacity to offer quality services to easily compete at the international market.

The CICS will act as a one stop center to provide information to investors.

 

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