Small and Medium Enterprises (SMEs) in developing countries like Uganda are critical when pursuing sustainable growth because they create jobs, are innovative and pay taxes to government, Miraj Barot, the Managing Director of Tirupati Group Of Companies, told a high-level conference in Kampala.
“SMEs have played a more successful role in increasing employment and arranging incomes; they are drivers of sustainable economic growth. As they say, little drops of water make a mighty ocean; similarly, smallscale industries can combine and make a huge economy,” Miraj said.
He was speaking at the Religion & Enterprise Africa Summit 2022 event on Saturday at Sheraton Hotel in Kampala. The Summit was organized by Human Capital International Uganda under the theme ‘entrepreneurial transformation through faith-based innovation, investment, trade and technology.’
Miraj, who was discussing the topic ‘Advantages of Having SMEs in Developing Countries’, explained that SMEs have competitive structures and strategies and can easily adapt to changes. “During covid19, a tailor who was making clothes for people suddenly started making masks; SMEs are highly flexible,” he said.
He said that for success, SMEs need to be faithful to their religions inorder to be able to do good, be ethical and with high levels of integrity. "It is very important to have these values instilled in us in our youth so that they not only maintain social values of our families but also the entire country to prosper at large.