Low awareness regarding the advantages of investing in Uganda's capital markets poses a significant challenge to the sector's expansion. In an interview with the New Vision, Charles Nsamba, the external affairs manager at British American Tobacco, a listed company on the Uganda Securities Exchange, provides insights into some of the necessary steps for further growth.

Drawing from your own work and experience at the capital markets authority, how best can investor and issuer education be enhanced to promote the development of capital markets?

There is no doubt that in Uganda and many African economies, bank financing is still dominant and more preferred by entrepreneurs, compared to capital markets financing. In my view, investor education can be enhanced by ensuring that the market has appropriate investment products, with the right incentives.

This means providing a conducive environment for entrepreneurs to tap into the capital market as an alternative source for capital raising, whilst conducting the necessary awareness among potential investors.

Products such as collective investment schemes continue to be a good entry point for investors into the capital markets because they are relatively more secure and offer fairly good returns.

There is opportunity to enhance the available products with competitive returns to ensure more people invest through the capital market. There is also opportunity to enhance investor appreciation of the benefits, risks and opportunities inherent in these products.

For potential issuers, they can benefit significantly from one-on-one engagements with professional advisors and existing Issuers, where those that have done it are able to share their stories to motivate entrepreneurs whose mindset is still skeptical of alternative capital.

What can be done to improve stakeholder - government engagement, as well as sustainability in the context of public affairs in Uganda?

Stakeholder - government engagement is not a one-off activity or an event. It’s a continuous process that should be embedded within the overall business strategy for organisations. On the part of policy makers, it is important to ensure inclusivity by ensuring that all stakeholders have an opportunity to provide their views, and subsequently facilitate effective enforcement of laws. Government agencies should develop consistent systems and procedures to capture stakeholder feedback from time to time.

It is also critical that public policy is evidence-based and mitigates unintended consequences. A case in point is the tobacco industry which has grappled with illicit trade in cigarettes for many years.

This is primarily on tax evaded product, which is either manufactured locally or smuggled into the country without paying the applicable taxes. This Illicit product also Includes that which does not comply with the applicable laws such as the Tobacco Control Act.

A major driver of this is the disparity between the fiscal laws of neighbouring countries, as well as the ineffectiveness of anti-illicit trade regulations. To remedy this, a multi-stakeholder approach is key.

What are some of the latest trends in the public relations trade, and how can practitioners take advantage of these trends to better the practice?

Strategic business partnering is one of the latest trends. Many practitioners tend to view public relations (PR) trends from a limited lens, and focus on movements in either PR tools, or applications. But if we are to grow the profession wholistically, we need to start with our positioning within the organisation. Today, PR practitioners are leading and shaping boardroom conversations.

PR has also evolved from the traditional and most popular media relations facet and now encompasses areas such as public affairs and stakeholder engagement. Agility in capabilities becomes key here. My current role largely involves engaging with stakeholders and contributing to national dialogue on relevant policy priorities.

Just like BAT, many companies today may not necessarily need the typical PR support but rather, strategic stakeholder engagement to support key business priorities. Thus, PR practitioners have a chance to develop strategic leadership skills and rightfully take ownership of this space.