Modern Group of Companies, one of Uganda’s diversified business groups, has been hailed for its contribution to economic growth through investment, job creation and promotion of local production.
The commendation was made by officials from during a strategic tour of Modern Group’s manufacturing plant in Jinja. The delegation was led by the bank’s managing director, Gift Shoko, and was received by Modern Group chief executive officer Jagdish Srivastava.
The Equity Bank team commended the group for its investments across various sectors, describing its operations as an example of how private-sector investment can contribute to Uganda’s economic transformation.
Established in 2015, Modern Group has expanded its operations into sectors including sugar, distilleries, tiles, aluminium profiles, organic fertiliser, gas, power and beverages.
The group says its diversification strategy is aimed at supporting business growth while creating opportunities for employees, suppliers and other stakeholders.
Beyond its commercial operations, Modern Group has invested in skills development, employment creation and what it describes as responsible business practices.
The company has also positioned import substitution and local production among its priorities, seeking to reduce dependence on imported goods while strengthening domestic manufacturing.
The group says its operations have created livelihoods and supported communities around its facilities through initiatives targeting healthcare, education and other social needs.
Modern Group has also invested in technology, research and development and innovation as part of efforts to improve production and remain competitive in the sectors in which it operates.
The company says it works with local communities, government agencies and other businesses to support economic development and promote a shared vision for a sustainable Uganda.
The Equity Bank visit comes at a time when the government is increasingly emphasising private-sector investment, local manufacturing and import substitution as key drivers of economic growth.
For the bank, Modern Group’s investments demonstrate the potential of Ugandan businesses to expand across sectors while contributing to employment, production and broader economic development.
For the bank, Modern Group’s investments demonstrate the potential of Ugandan businesses to expand across sectors while contributing to employment, production and broader economic development.
