President Museveni has approved shs. 500billion to boost technological innovations in the country. The announcement was made yesterday while addressing innovators, government officials and investors in the national Science week at Kololo Ceremony Grounds. He also permitted tax exemption for locally produced innovations just entering the market.
Museveni promised Dr. Monica Musenero, Minister of Science, Technology and Innovation that just like the government investment in the Parish Development Model(PDM), government will invest too in innovations and okayed the proposed budget.
Finance Minister Hon. Matia Kasaija added his support claiming the innovations displayed speaks volumes and needs special vote support where money can be deposited and nobody can cut it down or put in more without your consultations and even the Ministry of Finance.
While in the previous year year technology and innovation got shs.260billion, this year it reduced to shs. 41billion. Dr. Musenero added that if the shs. 500billion is awarded, it will attract other capital investors globally and also improve salaries of innovators.