President Museveni has approved an annual allocation of 500 billion Ugandan Shillings to support technological innovations in the country. The announcement was made during the National Science Week at Kololo Ceremonial Grounds, where Dr. Monica Musenero, the Minister for Science, Technology, and Innovation, highlighted challenges facing local innovators.
In addition to the financial allocation, President Museveni has granted tax exemptions for products from local innovators entering the market. This move is part of the government’s broader commitment to supporting local innovations and creating a conducive environment for technological advancement.
President Museveni emphasized the feasibility of the 500 billion Ugandan Shilling allocation and encouraged innovators to submit proposals, expressing the government’s readiness to fund initiatives. Finance Minister Matia Kasaija suggested the establishment of a special fund for science and technology to safeguard resources for research and innovation.
Dr. Musenero noted that funding shortfalls have impeded research and innovation progress, citing a financial year where they received only 41 billion Ugandan Shillings, significantly impacting their ability to support institutions. With the new 500 billion Ugandan Shilling annual allocation, they hope to attract additional funding from venture capitalists and other investors.
Dr. Musenero highlighted that many innovators require modest funding, ranging from 200 to 500 million Ugandan Shillings, to establish pilot plants for product development. The goal is to showcase progress to potential investors and secure further funding.
Addressing corruption allegations against her, Dr. Musenero appealed to the President for intervention, dismissing the accusations as baseless. President Museveni pledged to address false accusations, referring to those making baseless claims as saboteurs.
This initiative underscores the government’s commitment to fostering innovation and technology in Uganda, with a focus on supporting local initiatives and creating an enabling environment for research and development. The tax exemptions and substantial financial allocation aim to stimulate growth in the technological sector and empower local innovators.