On 5th September 2024, the Strathmore Global Institute (SGI) Uganda hosted the 3rd Uganda Annual SME Conference & Expo at Speke Resort Munyonyo. Organized by SGI Uganda and the Sisters Blended Value Project (SBVP), in collaboration with the Association of Consecrated Women in Eastern and Central Africa (ACWECA), the event brought together innovators, entrepreneurs, and thought leaders to explore the potential of small and medium enterprises (SMEs) in driving Uganda’s economic recovery and growth.
The conference served as a pivotal platform for sharing insights and strategies tailored to the unique challenges and opportunities faced by SMEs and social enterprises in Uganda.
The keynote address, delivered by the esteemed Dr. Fred Muhumuza, set the tone for the conference by highlighting the crucial role of SMEs in sustaining economic growth. Dr. Muhumuza emphasized that in Uganda’s current economic climate, innovation is not just an advantage but a necessity. He articulated how businesses can leverage technology and creative solutions to navigate challenges and seize emerging opportunities.
One of the key points in Dr. Muhumuza’s address was the importance of climate resilience. He noted that by investing in climate-focused opportunities, SMEs and social entrepreneurs can unlock sustainable financing pathways, thereby ensuring long-term viability and success. This forward-thinking approach is vital as Uganda grapples with the aftermath of the economic slowdown, where GDP growth decelerated from 6.4% in 2019 to 2.9% in 2020. The urgency of economic recovery cannot be overstated, and Dr. Muhumuza’s insights provided a roadmap for SMEs to contribute meaningfully to this recovery.
The conference also underscored the need for strategic investments in key sectors such as agriculture, tourism, ICT, and human capital development. Dr. Muhumuza pointed out that these sectors are not only the backbone of Uganda’s economy but also hold the potential to drive its recovery and future growth. High-value industries, including agro-industry, tourism, oil & gas, and the knowledge economy, were highlighted as critical to fostering a resilient economy. By targeting global markets, Uganda’s SMEs can unlock new opportunities, paving the way for sustainable growth and development.
The event featured several impactful panel discussions, each offering valuable perspectives on how SMEs and social enterprises can thrive in a challenging economic environment.
Leveraging Innovation for Long-Term Success.
Led by Dr. Tom Buringuriza and CPA Dr. James Okello Onyoin, this discussion delved into the strategies that impact-driven enterprises can adopt to ensure long-term success. The panelists explored the importance of continuous innovation, not only to stay competitive but also as a tool to create lasting social and economic impact.
Fostering Diversity & Inclusion in Enterprises for Sustainable Growth.
Diversity and inclusion were central themes in another panel discussion, where Dr. Cathy Ikiror Mbidde emphasized their critical role in driving business sustainability. The conversation highlighted that fostering a diverse and inclusive work environment is not just about social responsibility but is also key to enhancing creativity, innovation, and ultimately, business success.
Funding and Investment Opportunities for SMEs.
Dr. Mbidde also guided a conversation around the various funding and investment opportunities available to SMEs. This discussion was particularly timely, as access to capital remains one of the most significant challenges for small businesses in Uganda. The panelists provided practical advice on how SMEs can tap into available resources, including climate-focused investments, to fuel their growth.
The 3rd Uganda Annual SME Conference & Expo was a resounding success, offering attendees a wealth of knowledge and actionable strategies to navigate the evolving economic landscape. The event not only highlighted the critical role of SMEs in Uganda’s economic recovery but also underscored the importance of innovation, diversity, and climate resilience in ensuring long-term success.
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