By Najib Mulema

The Ministry of Trade and Industry, and the Financial Sector Deepening Uganda (FSDU) have today signed a Memorandum of Understanding to improve the sustainability of Micro, Small and Medium Enterprises (MSMEs) in the country.

Speaking at the event which took place at the ministry’s headquarters in Kampala, Trade minister Amelia Kyambadde applauded FSDU for the great partnership.

FSDU’s Jackline Musiitwa (left) and Minster Amelia Kyambadde (right) signing a Memorandum of Understading

Kyambadde said that the ministry established the MSMEs Directorate to deal with the numerous challenges that affect the small scale enterprises; unfortunately, the directorate alone cannot fully overcome the challenges so the need to collaborate with FSDU to address the shortfalls faced by MSMEs was handy.

“In managing these challenges, we need collaboration with institutions like Financial Sector Deepening Uganda (FSDU). Our collaboration with you, will indeed, address the shortfalls and challenges faced by MSMEs that you have alluded to, in your submission,” she asserted.

The minister further said she is optimistic that the MoU they have signed will drive forward the development of MSMEs and will also go a long way in formalizing them.

“I am confident that the MoU we are signing today will drive forward the development of MSMEs and will also go a long way in formalizing the MSMEs; which will contribute to the statistical data, generation of revenue and government support to MSMEs,” said Kyambadde.

On the other hand, Jackline Musiitwa, the Managing Director of FSDU said they are going to line behind the trade Ministry to better up MSMEs in the country through offering financial, research and training support.