President Museveni Reaffirms Commitment to Protect Local Industries
In a recent meeting with members of the Presidential CEO Forum at State House Entebbe, President Yoweri Kaguta Museveni reiterated the government’s dedication to safeguarding local manufacturers from unfair competition. The President emphasized the need to collaborate with other East African countries to bolster local industries through taxation on imported final and intermediate products.
President Museveni, addressing the forum led by Vice Chairman Mr. Emmanuel Katongole, highlighted the importance of African countries transitioning from raw material-producing economies to industrialization for comprehensive socio-economic transformation.
The President pointed out missed opportunities in the global textile industry, valued at US$800 million, citing Uganda’s loss due to exporting unprocessed cotton. He urged the forum to join the government in combating corruption, which he identified as a hindrance to local investment in Uganda.
“I am happy with the activities of the forum. Let’s help ourselves with corruption because there are a lot of government people asking for bribes from investors. They are delaying investment,” President Museveni stressed.
Expressing concern about fake seedlings distributed to farmers, the President pledged to replace distributors, who had turned into seed growers, with institutional agencies like prisons and the National Enterprise Corporation (NEC).
The Permanent Secretary of the Ministry of Finance, Planning, and Economic Development, Mr. Ramathan Ggoobi, informed President Museveni about the allocation of 2.32 trillion shillings to the Parish development Model and efforts to remove barriers for small businesses accessing the 200 billion shillings small business recovery funds.
President Museveni affirmed the government’s commitment to providing affordable electricity and transport to facilitate a low-cost business environment. Plans include the construction of an 840-megawatt dam in Ayago and 200 megawatts of solar in Bulambuli at a cost of 5 cents per unit.
Vice Chairman Emmanuel Katongole highlighted reforms and initiatives implemented since the first engagement in 2021, including the approval of 51 joint venture companies in the oil and gas sector. Additionally, a US$217 million grant from the World Bank is set to support women enterprises in Uganda.
The Presidential CEO Forum, inaugurated in 2021, serves as a vital link between private sector leadership, corporate CEOs, and government executives. The aim is to contribute to the National Development Agenda by promoting import substitution and export promotion.
The meeting, attended by key ministers and CEOs from both public and private sectors, showcased the collaborative efforts between the government and business leaders to drive economic progress and create a conducive environment for local industries.