Uganda's President Yoweri Museveni has okayed an annual allocation of Ush500 billion ($133 million) to boost technological innovations in the country.

President Museveni also permitted tax exemption for products from local innovators who are just entering the market.

He made the pronouncements on Thursday while addressing innovators, government officials and investors on the fourth day of National Science Week at Kololo Ceremonial Grounds.

His pronouncement followed the presentations at the event by Science, Technology and Innovation Minister Dr Monica Musenero, her Finance counterpart Matia Kasaija and other investors on the challenges crippling the advancement of local innovations in the country.

Museveni said the government has however been supporting local innovations.

“We have been putting money project by project as Kasaija said, but some people interfere with it and we can stop them,” he said.

“Therefore, we don’t have a problem with this minimum funding you (Dr Musenero) are talking about. The seed capital for innovations can be provided through this annual allocation of this money. If we can get the private sector who can bring additional venture capital, that is very good,” he added.