Deputy Speaker of Parliament Thomas Tayebwa has urged the business community to focus on ethical wealth creation and investments that generate jobs, support communities and contribute to the country’s economic development.
Tayebwa made the remarks during the inaugural National Prayer Breakfast–Business Forum held at Parliament, an initiative he said would become a component of the National Prayer Breakfast in subsequent years.
The Deputy Speaker said businesses should not be viewed merely as vehicles for making profits, arguing that their role extends to creating opportunities and supporting public services.
“At its heart, business should create impact in communities,” Tayebwa said, noting that businesses create jobs, support suppliers, pay taxes and contribute to services such as schools, health facilities, roads and other infrastructure.
He said Parliament recognises that government itself does not create wealth but has a responsibility to establish policies and systems that allow the private sector to grow.
Tayebwa told business leaders that legislators wanted their views on whether existing policies, laws and government systems were supporting investment, employment and economic expansion.
He singled out taxation as one of the areas requiring attention, saying Uganda should focus on expanding the tax base and improving compliance rather than repeatedly increasing the burden on businesses already meeting their tax obligations.
“If more businesses and individuals meet their tax obligations, we can increase government revenue,” he said.
According to Tayebwa, increased revenue would give the government greater capacity to provide essential services, including roads, electricity and water, without necessarily raising tax rates.
The Deputy Speaker also challenged successful entrepreneurs to mentor young people entering the business sector and share their experience to help build a stronger private sector.
He further called on legislators to reconsider what he described as a tendency to view politics as an avenue for investment, urging them instead to support the growth of productive businesses.
Tayebwa said Uganda needed a shift towards enterprises capable of creating employment, generating wealth and contributing to national development.
The forum brought together members of the business community and parliamentary leaders to discuss the relationship between the private sector, government policies and economic development.
Tayebwa thanked MPs David Bahati and Alfred Edakasi for organising the inaugural event, which he said would provide an opportunity for continued engagement between Parliament and the business community.