has to be further solidified. the structural reform agenda of tax administration, trade and tariff policy, labour markets, capital markets, energy sector will have to be implemented more vigorously than has been the case so far. infrastructure bottlenecks, shortages, congestions in form of frequent power break - downs, inadequate gas supplies, inordinate delays in the inland transportation of goods, backlog in clearance at the ports, etc. will have to be tackled effectively in order to allow the growth trajectory to remain on track. intra - regional trade, capital flows, technology transfer and dissemination, exchange of teachers and students at the top universities and research institutions and opening of bank branches among the countries of this region will have tremendous externalities and spillover effects over the long run. the changed perception that the south asian countries are living at peace with each other, facilitate flows of goods, services and people easily, are integrating themselves in the global economy actively will not only reduce the risk premium but pay higher dividends. one specific example which pertains directly to you, the participants of this conference, is the production of qualified accountants and auditors for supply to the advanced countries. since the sarbanes - oaxley legislation and the unfortunate demise of arthur andersen, the demand for accountants and auditors in the usa, uk, and european union has risen substantially. the high quality of professionals from this region has endeared the south asians among the employers in the advanced countries. we should, therefore, attract, train and produce more of them without compromising on the quality. i found out that in pakistan the major constraint was the lack of qualified teachers. i suspect that this may be the case in bangladesh, nepal while india and sri lanka have a surplus of qualified teachers and i stand to be corrected if this is not true. even if there is no overall excess supply of qualified teachers, why can ’ t a body such as safa pool their teaching resources, develop a common curriculum and testing and evaluation procedures, make increased use of videoconferencing, broad band connectivity, electronic discussion groups, virtual teaching and economize on physical presence of the teachers. i am quite sure that if you put your heads together you will be able to come up with a process that will increase the production and supply of qualified professionals in your field ending up with a win - win situation for all the member countries of the south asia region. i leave this thought for your exploration and consideration and,

emmanuel tumusiime - mutebile : promoting the primary dealer system in uganda remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the annual primary dealer award ceremony, bank of uganda, kampala, 22 february 2016. * * * distinguished guests chief executive officers of primary dealer banks members of the press ladies and gentlemen good morning. it is my pleasure to welcome you to the 12th annual primary dealer award ceremony. the main purpose of the primary dealer system is to promote the participation in government securities, to foster the development of financial markets, to improve secondary market trading system as well as to ensure efficiency in the market operations of the central bank. primary dealers have contributed to the growth of the securities market by ensuring high demand during primary market auctions. in 2015, the ratio of primary dealer successful bids in the primary auction relative to the rest of the market was 61. 33 percent. while we had some under subscriptions at the beginning of this financial year, the auction bid to cover ratio of treasury bills and bonds for the calendar year 2015 was recorded at an average of 1. 21 ; indicating that demand for government securities remains significant. primary dealers have also continued to enhance liquidity in the secondary market. the total turnover in the secondary market increased in the year 2015 by 12. 5 percent to ugx 3. 6 trillion from ugx 3. 2 trillion in the year 2014. with the continual achievements of the primary dealer system, we note that the system still has some shortcomings that we continue to endeavor to resolve : as observed, the volume of secondary market trading has continued to increase but still falls short of our expectation ; the subscription levels in the primary market are high but we occasionally observe undersubscriptions in some tenors at auctions ; and the spread in pricing at some auctions is significantly wide and out of prevailing quoted market price ranges. the bank of uganda will maintain its consultative approach with the market and other stakeholders to bring on board vibrant and broad based initiatives that will ensure an attractive, efficient and competitive government securities market. at this point, allow me to recognize all the primary dealers present here today. i applaud their contribution towards the development of the government securities market, and, more specifically, the financial markets in uganda. i also wish to acknowledge the role this year ’ s award winner has played especially in their participation in the primary auctions, market making capabilities, consistent pricing as well as