On October 24, 2023, the Uganda Parliamentary Forum on Youth Affairs (UPFYA), with support from various organizations including the European Union and the Private Sector Foundation Uganda, hosted the fourth Annual Uganda Youth Business Forum at Kololo Independence Grounds in Kampala. This significant event drew over 1,300 participants, comprising young entrepreneurs, business leaders, policymakers, and development partners, providing a vibrant platform for discussing the challenges and opportunities within the youth business landscape.
Theme and Objectives
The forum was centered around the theme “Building Sustainable Strategic Partnerships and Policy Frameworks for Supporting Youth Innovation and Startups.” The primary objectives were:
- To discuss and share experiences and challenges in supporting youth innovation.
- To develop a growth agenda for Ugandan youth entrepreneurship.
- To build partnerships between youth entrepreneurs and investors for sustainable business models.
- To offer a networking platform for young entrepreneurs to interact with key industry leaders.
- To explore deeper, practical ways to enhance business innovations and startups.
Keynote Speakers and Highlights
The event featured several high-profile speakers, including President Yoweri Kaguta Museveni, who reiterated his commitment to harnessing the innovative and entrepreneurial spirit of Ugandan youth to achieve a middle-income country status. Hon. Evelyn Anite, the Minister of State for Privatization and Investment, highlighted government initiatives to support youth startups and innovations. The forum also included roundtable discussions on the policy environment and investment terrain, emphasizing the crucial role of young people in sustainable development.
Challenges and Opportunities
The discussions revealed several challenges faced by young entrepreneurs, such as high unemployment rates, limited access to credit, and insufficient business survival rates. However, Uganda’s ranking as the most entrepreneurial country by the Global Entrepreneurship Monitor underscores the potential of its youth population. The forum generated valuable insights and recommendations, including calls for establishing special financing mechanisms for young entrepreneurs, enacting supportive legislation for startups, and enhancing ICT investments as a driver of economic production.
Impact and Future Prospects
The forum concluded with the launch of the Youth and Business Magazine and commitments from various stakeholders to continue supporting youth entrepreneurship. Memoranda of Understanding (MOUs) were signed to foster collaborations, and policy inputs were discussed to transform the legal environment surrounding youth innovations and startups.
Conclusion
The Fourth Annual Uganda Youth Business Forum successfully provided a dynamic platform for young entrepreneurs to voice their challenges, share experiences, and forge meaningful partnerships. It highlighted the government’s and development partners’ ongoing commitment to supporting youth innovation and entrepreneurship, paving the way for a brighter, more sustainable economic future for Uganda’s youth.
