According to PSFU chairman Patrick Bitature, champions and leaders in private sector and government agencies deserve to be recognised.
The award recognises business associations, corporate companies and government agencies that are playing a critical role in the development of the private sector in the country.
The focus on awarding the business associations, according to Mr Gideon Badagawa, the PSFU executive director, is envisaged on the role they play in nurturing small and medium businesses.
Speaking at the awarding ceremony in Kampala on Wednesday, Mr Bagadawa also said PSFU recognises corporate companies, which through their innovative corporate social responsibility approaches have championed investment in young children.
And for the first time, PSFU awards also recognise the government agency of the year that has offered innovative programmes or improved its services and efficiency in supporting the private sector in Uganda.
This is the sixth year that PSFU is holding the Private Sector Award.
This award recognises network or any form of member based organisation that has a national presence with a well-established secretariat, good governance structures, audited accounts and has been in existence for more than seven years with recognisable achievement in membership development, policy research and advocacy.
The Rural Association of the Year award went to National Union of Coffee Agribusinesses and Farm Enterprises (NUCAFE).
This award recognises a business association with a network-based initiative with a focus on innovation, market based strategies which has result in economic empowerment of rural communities.
Formal groups, networks and registered cooperative societies at village, sub county or division level that have been in existence for more than four years were also eligible to participate in this category.
Accepting the award, Nucafe executive director Joseph Nkandu said: “Nucafe comprises more than 180 coffee farmer associations and cooperatives mobilised from more than 200,000 households that share knowledge and skills on all aspects of having an equitable share of the treasures of coffee commercial farming.”
The award recognises a corporate company whose corporate social responsibility initiatives has continually promoted and improved the lives of children in Uganda.
Only companies that have been in existence for more than two years were eligible to participate in this category.
Government Agency of the Year was scooped by Uganda National Bureau of Standards. The standard body outcompeted 45 other agencies.
It also recognises government agencies that have improved their efficiency and service delivery, developed new innovative products that respond to the needs of the private sector; and whose performance has impacted on Private sector growth in the country.