The Minister of Trade, Industry and Cooperatives, Hon. Sanjay Tanna, has called for increased investment, value addition, manufacturing and innovation to accelerate Uganda’s economic transformation.
Speaking at the Equity Bank Uganda Trade Mission at Marriott Hotel Kampala on Monday morning, Tanna said Uganda has significant economic potential due to its youthful and enterprising population, abundant natural resources, strategic geographical position and growing domestic and regional markets.
However, the Minister cautioned that natural resources alone cannot create prosperity, stressing the need for Uganda to transform its productive capacity through investment, manufacturing, value addition, innovation and exports.
Tanna said Uganda must move away from exporting raw materials and instead focus on processing and manufacturing products locally to create more jobs, increase household incomes, strengthen local businesses, expand the tax base and increase the country’s earnings from international trade.
He identified agriculture and agro-processing, minerals, pharmaceuticals, textiles and garments, leather, construction materials and information and communication technology (ICT) as some of the sectors with significant opportunities for value addition.
The Minister also called for the creation of a predictable and investor-friendly business environment to attract both domestic and international investment.
He said investors require efficient institutions, reliable infrastructure and energy, skilled labour, access to finance and clear regulations to establish and expand businesses.
Tanna emphasised that Government has a responsibility to continuously improve the business and investment environment while maintaining constructive engagement with the private sector.
He said collaboration between Government, investors, financial institutions, entrepreneurs and other private-sector players is critical to driving Uganda’s industrialisation and economic transformation.
The Equity Bank Uganda Trade Mission brought together investors, business leaders and other stakeholders to explore opportunities for investment and economic development.
Equity Bank Uganda Executive Director Clever Serumaga said the mission had attracted investors and customers from across the globe to interact with the bank’s clients.
Serumaga said the mission seeks to create a marketplace where participants can interact and exchange ideas on manufacturing, innovation, technology and accessing markets beyond Uganda.
This year’s trade mission is being held under the theme “Driving Innovation and Industrial Growth.”
Tanna’s message was that Uganda must increasingly focus on producing higher-value goods and services locally rather than relying on the export of raw materials.
He said increased investment in manufacturing, value addition, innovation and human capital, coupled with a predictable business environment and stronger public-private partnerships, would help Uganda create jobs, strengthen local enterprises and expand its presence in regional and international markets.
