The chairperson of the Simba Group of Companies, Mr. Patrick Bitature, advises landowners in Gulu to unlock the potential and value of their vast land. He said this during a business forum organized by Uganda Development Bank (UDB) and Operation Wealth Creation (OWC) in Gulu, according to ChimpReports.
Mr. Bitature spoke at the event and urged investors and business people in Northern Uganda to partner with farmers in the region. Gulu has a lot of available and fertile land that its residents could use for commercial agriculture.
He further told them if they partner together, they can buy tractors to practice farming more efficiently on a large scale.
According to ChimpReports, Mr. Bitature encourages regional investors to manufacture valuable products for which they can compete on a global scale. He also encourages them to diversify their sources of income to cope with the markets.
”You need to set up cottage industries in the region that can be able to produce valuable goods from the region,” he said.
Patricia Ojangole, the Managing Director of UDB, also spoke at the event. She says UBD wants to promote industrialization and agriculture in the country.
Ms. Ojangole said UDB wants to build the northern region through loans to promote household income and wealth creation. Specifically, UDB plans to give out 500 billion shillings in loans to Ugandan businesspeople this financial year.
She further notes that the UDB will fund different sectors with soft loans of about 12% interest. According to ChimpReports, the sectors likely to benefit include manufacturing, agriculture, Agro-processing, to mention but a few.
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