The acting director of the Chamber of Commerce in Lango Region has presented to the Government of Uganda several strategies that could drive growth in the Lango sub-region. Below are seven key points outlined by Dr. Ongom:
- Access to Finance: Provide affordable credit facilities, grants, or subsidies to small and medium enterprises (SMEs) to support business expansion, investment in equipment and technology, and working capital needs. Establish dedicated funds or loan guarantee schemes tailored to support entrepreneurship and innovation, particularly for young entrepreneurs.
- Business Development Services: Offer training, mentoring, and technical assistance programs to entrepreneurs to enhance business management skills, financial literacy, marketing strategies, and access to markets. Facilitate networking opportunities, business incubation, and mentorship programs to connect entrepreneurs with experienced professionals, investors, and potential partners.
- Infrastructure Development: Invest in critical infrastructure such as roads, electricity, water supply, and telecommunications to improve connectivity, reduce transportation costs, and enhance the competitiveness of businesses in the sub-region. Establish industrial parks, finance them, business incubators, and special economic zones equipped with modern infrastructure and amenities to attract investment, stimulate entrepreneurship, and foster innovation.
- Market Access and Trade Facilitation: Strengthen market linkages and facilitate access to domestic, regional, and international markets for locally produced goods and services through trade promotion initiatives, market information systems, and trade facilitation measures. Negotiate trade agreements, reduce tariffs, and streamline customs procedures to enhance market access and competitiveness for Lango-based businesses in regional and global markets.
- Policy Support and Regulatory Reform: Create an enabling business environment by implementing pro-business policies, simplifying regulatory procedures, and reducing bureaucratic barriers to entrepreneurship and investment. Review and update existing laws and regulations to address the needs and challenges faced by small businesses, promote fair competition, and protect the rights of entrepreneurs.
- Technology and Innovation Support: Promote the adoption of technology and innovation in business operations through incentives, subsidies, and support for research and development activities. Establish technology hubs, innovation centers, and entrepreneurship incubators to nurture a culture of innovation, collaboration, and creativity among local entrepreneurs.
- Access to Government Contracts and Procurement Opportunities: Provide opportunities for local businesses to participate in government procurement processes, contracts, and supply chains through set-asides, preferential treatment, and capacity-building initiatives. Ensure transparency, fairness, and accountability in government procurement practices to create a level playing field for all businesses and promote inclusive economic growth.
By addressing these areas of support, the government can create an enabling environment for entrepreneurship, stimulate business growth and innovation, and contribute to sustainable economic development in the Lango sub-region.
