different african economies. with regard to the regional regulators present here today, it is my ardent hope that we shall all benefit from information sharing about our experiences in our respective jurisdictions. i believe that the prudential regulatory authority will in turn provide feedback about its expectations of the standard chartered bank group vis - a - vis its subsidiaries in the african region. finally, let me take this opportunity, once again, to thank the home regulator, the prudential regulation authority, for its recognition of the importance of the standard chartered bank ’ s presence in africa. i trust that this supervisory college will strengthen cooperation, collaboration and communication between the prudential regulatory authority and the supervisors of the bank in africa. with these few remarks, it is now my honour to declare the supervisory college for standard chartered bank, africa, 2016 officially open. louis kasekende ( phd ) deputy governor

a middle income country, we must expand the size of the modern business sector many times. the fact that the modern business sector has remained a relatively small part of the overall economy despite a quarter of a century of consistently robust real economic growth indicates that there are major barriers to investment by this sector. the 2017 global competitiveness report, published by the african development bank, the world economic forum and the world bank, lists some of the factors which impede the competitiveness of the ugandan economy. these include some aspects of the institutional environment, especially pertaining to public administration, poor infrastructure, higher education and training, and technological readiness. the long term prospects for our economy depend on creating a business environment which is conducive to attracting investment by mid - sized companies on a large scale. if this sector is to expand to command a much larger share of the uganda economy, which is necessary if per capita incomes are to rise substantially ; thousands of new mid - sized companies will have to invest in uganda. the factors needed to attract private investment on such a scale include prospects for strong long term growth in markets for goods and services, macroeconomic stability and a competitively priced workforce. they also include a clear and transparent institutional environment with clear rules and regulations which are implemented fairly to create a level playing field for all investors and which protect the legitimate rights of businesses. to strengthen the business climate in uganda, the business community should play a more prominent role, through its collective institutions such as the private sector foundation and the uganda manufacturers ’ association, in identifying and highlighting obstacles to investment and business expansion and lobbying for economic and institutional reforms to remove or mitigate these obstacles. there are many important public policy debates in this country, about for example the appropriate level of tax rates and import tariffs, the types of skills needed in the labour force, the type of infrastructure that is required, and the importance of regional integration, which would benefit from the collective voice of the business community. i hope that events such as this gala awards dinner can help to stimulate the debate that is needed in uganda to strengthen the business environment and attract much more private investment. finally, i congratulate all the entrepreneurs here tonight, especially those that have received awards, and encourage them to use their experience to nurture and mentor other aspiring entrepreneurs, so that we can collectively expand the formal business sector in this country - that is vital for employment generation. thank you for listening.