Patrick Ocailap, the Deputy Secretary to the Treasury commended the private sector for its significant contribution to Uganda’s economy. The private sector contributes 77% of formal jobs in Uganda.
This was revealed by Ocailap while opening the 14th National Competitive Forum (NCF) on behalf of Finance Minister Matia Kasaija at Serena Hotel, Kampala on Thursday, September 21, 2023.
The conference was under the theme Boosting Private Sector Investment in Agro-Industry to take Advantage of Regional Opportunities.
In his speech, Ocailap said that, the private sector accounts for 80% of the Growth Domestic Product (GDP) and 77% of formal jobs.
“According to National Development Plan III (NDP III), the Private Sector generates 77% of formal jobs and contributes 80% of GDP,” Ocailap said.
The Minister pointed out that the Government pledged in the budget for FY 2023/24 to support the Private Sector by lowering the cost of doing business through a number of measures, such as building the standard gauge railway, rehabilitation of the meter gauge railway, and maintaining both tarmac and murram roads.
He stated that, UGX 2.1 trillion had been provided to assist wealth creators in gaining access to patient and affordable finance in the productive areas.
The Acting Director of Economic Affairs, Moses Kaggwa, who represented PSS Ramathan Ggoobi, urged collective efforts to address the transformational needs in value chains by leveraging their economic impact potential.
The National Development Plan III (NDP III) is the third in a series of six development plans whose primary goal is to increase average household incomes and improve the quality of life of Ugandans in the period 2020/21 to 2024/25.
According to the World Bank’s collection of development indicators, which is derived from officially recognized sources, gross fixed capital formation in the private sector in Uganda was reported at 16.88% in 2022.
