WHATS NEW :

Building a 21st Century Ugandan economy & a resilient Financial sector

  • Private Sector Foundation Uganda
  • PSFU NEWS

HIGH LEVEL STAKEHOLDERS ENGAGEMENT ON BUILDING A 21ST CENTURY UGANDAN ECONOMY & BUILDING A RESILIENT FINANCIAL SECTOR

On 3rd September 2019, Uganda Development Bank (UDB) in conjunction with Ministry of Finance, Planning & Economic Development convened a high level breakfast meeting for private & public sector players to discuss a paper on the 21st-century economy as well as share digitization insights from Mr. Arshad Rab, CEO of the European Organisation for Sustainable Development (EOSD) & he emphasized that Ugandans might have to acquire more skills especially in the technology sector if they are to sustain their jobs or find employment in high paying sectors. 

Mr. Arshad Rad said that the internet and technology were disrupting every industry from the way we produce food, manufacturing and do other jobs. Rab said not far from now, a job previously done by a low skilled employee will be easily done by a robot, which employers might find more affordable and convenient.

He noted Uganda needed to create at least 600,000 jobs a year to meet the demand but this calls for rethink on the which sectors to emphasize and tech-oriented businesses are the way to go, adding that agriculture, where 70 per cent of Ugandans are employed, needs to be thought through.

During the event, a joint statement was also signed between the Bank of Uganda and the European Organisation for Sustainable Development-EOSD to signify Uganda’s commitment to creating a strong financial sector.

During the presentation, Rab said that the government should facilitate the formation of agri-tech startups, facilitate irrigation, fertilizer applications, and use of robots to monitor plantations.

He added that companies carrying out manufacturing might not need any human being in their process of production, other than those in the control room.

He also noted that many Ugandans are also employed in the informal sector but these are low paying jobs and a lot of them would want to graduate to high paying jobs. These need high skills.

Bank of Uganda (BOU) Governor, Emmanuel Tumusiime Mutebile said the bank is facilitating the usage of technology to reach financial services users and financial inclusion.

The EOSD is pushing for the benefits of the 4th industrial revolution, where new industry sectors are being created, reshaping manufacturing and making some of the decades-old industries obsolete.

The EOSD will work with BoU and Uganda Development Bank to invest in organisations to help firms investing in technology and green economy.