President Yoweri Museveni (PHOTO/Courtesy)
KAMPALA, UGANDA – President Museveni has declared that Uganda is on track to become a global powerhouse, driven by its industrialization efforts and economic transformation.
“We have the potential to become a global industrial powerhouse, with our abundant raw materials, educated human resource, and strategic location,” President Museveni said in a meeting with traders and business leaders.
The President emphasized that Uganda’s economic development strategy is focused on adding value to its raw materials, promoting local industries, and reducing dependence on foreign imports. This approach, he said, will create jobs, generate revenue, and stimulate economic growth.
“Uganda must add value to its raw materials to create jobs, generate taxes, and attract other industries,” President Museveni stressed.
The President highlighted several sectors that are already showing promise, including textiles, leather, and food processing. He also pointed to the growth of small-scale manufacturers and entrepreneurs, who are creating jobs and driving local economic growth.
To support this growth, the government has introduced tax incentives and subsidies for local businesses, as well as investing in infrastructure development, including roads, bridges, and energy sources.
“Uganda has the potential to become a global industrial powerhouse, rivaling the likes of the United States, China, and Japan,” President Museveni said, emphasizing the country’s potential for rapid economic growth.
Analysts say that Uganda’s economic transformation is gaining momentum, with exports already showing significant growth. The country’s industrialization efforts are expected to attract foreign investment and create new opportunities for trade and economic cooperation.
“This is a turning point for Uganda’s economy,” said one analyst. “The government’s focus on industrialization and local development is paying off, and we expect to see significant growth in the coming years.”
Recommended for you
