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Govt committed to invest in industrialisation infrastructure - Trade minister
The Minister for Trade, Industry and Cooperatives, Francis Mwebesa. Photo | Courtesy
What you need to know:
- “This is aimed at promoting investment in the manufacturing and processing sector as one of the economic development tools meant to boost Uganda’s industrialisation agenda,”
Government is committed towards investing in sustainable industrialisation, according to Trade Minister Francis Mwebesa.
Speaking ahead of the Economic Mkutano, which is due next week, Mr Mwebesa said under the National Development Plan III, which was launched last year, government had centred economic growth on sustainable industrialisation to achieve inclusive growth, employment and sustainable wealth creation, which therefore called for both capital and human resource investment.
“This is aimed at promoting investment in the manufacturing and processing sector as one of the economic development tools meant to boost Uganda’s industrialisation agenda,” he said, noting so far efforts are being put on import substitution with the long term goal of sustainable industrialisation.
The Economic Mkutano, which will seek to find solutions and address means via which a sustainable and competitive industrial sector can be achieved, is being organised for the forth time to deliberate on pertinent issues with tracked recommendations generated to forge a way forward.
Industrialisation remains one of the single most important engines of growth in many economies, driving value addition and job creation.
However, government continues to face challenges ranging from insufficient investment in human capital, physical and financial infrastructure required to enhance competitiveness.
According to the Ministry of Trade, 94 percent of Uganda’s industrial sector is dominated by micro, small and medium enterprises.
However, these continue to face challenges among which include high power tariffs and taxes, which stunts their growth into meaningful industries.
In December 2020, the Ministry of Trade finalised the National Industrial Policy “A framework for Uganda’s industrialisation, employment and wealth creation” following the review of the maiden National Industrial Policy of 2008.
Experts and key stakeholders agree that the route to sustainable and equitable economic growth is charted by fully embracing a strategy of inclusive industrialisation as per of NDP III, which is in line with Agenda 63 that emphasises transforming of Africa’s economic space.
