Deputy Speaker Thomas Tayebwa says government and other systems in place ought to make deliberate efforts to create a conducive environment for young entrepreneurs to thrive.
He notes that many youth in the country have failed to progress in their business ventures owing to bureaucracies that limit many start-ups.
While speaking at the Entrepreneurship Summit 2022 organised by the Chamber of Young Entrepreneurs Uganda, Tayebwa observed that businesses making products often face high standardisation costs.
The Deputy Speaker also noted the challenge of lack of affordable capital with high interest rates, which have kept potential youthful entrepreneurs from accessing loan facilities.
“At Parliament level, we are putting more money in the Microfinance Support Centre and we have told Uganda Development Bank to reserve some of the money for the young people,” he said.
“It is important that you register recommendations from this summit so that I can create for you space to meet the Committee on Trade, make presentations and put into place adjustments to help young business people,” Tayebwa added.
He urged the youth to spend their monetary resources sparingly, so as to have enough to save for any future investments.
“You will never have a problem with money if you earn Shs20 and save 20 per cent of it. Capital can never be a problem if you save,” said Tayebwa.
The summit was held under the theme, “Fostering Economic recovery and building entrepreneurial resiliency” at the Serena Kampala Hotel on Thursday, 14 July 2022.
The Deputy Speaker also handed out awards to outstanding young entrepreneurs and companies that have made a mark in the past year.