The Prime Minister Dr Ruhakana Rugunda has lauded the tremendous achievements and progress so far made by the industrialists in Uganda and leaders of Uganda Manufacturers Association noting that despite the enormous challenges they face, they continue to advance.
The Premier made the remarks at the 25th Uganda International trade fair 2017 organized under the theme “Transforming the Economy through Industrialization” at the UMA show grounds in Lugogo on Wednesday.
The Premier noted that government has the interests of the manufacturers at heart including implementing the BUBU policy and also ensuring that the environment is conducive for their operations.
“Government will do all that is possible to ensure that the BUBU Policy is implemented because it will enhance economic development in the country through industrialization, creation of more employment opportunities and will also promote national pride,” Rugunda said.
He also noted that government through Uganda Investment Authority is addressing the challenges that the manufacturers face in the cost of doing business such as the long bureaucratic processes involved in acquiring licenses among others to ensure that the best investment climate is created.
The Premier said government is aware of the high costs of electricity and its limited supply which make the cost of doing business high and thus pledged to work on it.
“Government is working on ensuring that there is enough distribution of power at affordable costs for the manufacturers,” Rugunda said.
He also said government has started recapitalizing the Uganda Development Bank among other measurers such a lowering the central bank rate and rolling out Islamic banking as a way of addressing the issue of high costs of capital for manufacturers.
The Premier asked the manufacturers to be more organized and prepared to partner and also take on opportunities availed to them by the foreign investors for the growth of the country.
The In-Charge of Economic Affairs on the Uganda Manufacturers Board, Richard Mubiru who spoke on behalf of the board members requested government to review the export incentives available to the manufacturers in the country noting that they were are not very favorable, a reason the country is experiencing low volume of exports.
He also called upon the government to fast track the infrastructural development of industrial parks especially Namanve for the development of the country.
BY DOREEN NASASIRA