The Ministry of Trade, Industry and Cooperatives has embarked on new mechanisms that will increase Uganda’s exports and address the current trade deficit that the economy is facing.
According to Amelia Kyambadde, The Minister of Trade, Industry and Cooperatives (MTIC), although there has been growth in exports supported by various sectors, there is still a trade deficit being driven by fast growing importation of goods including vehicles, machinery and chemicals among others.
Uganda spent US$4,325.66m on imports in 2016, down from US$4,955.39m in 2015.
She says that government has embarked on various strategies which she says if implemented will increase exports.
The Minister made the remarks during the annual sector review of MTIC at Hotel Africa on Thursday 16th October 2019.
She noted that in addition to the Buy Uganda Build Uganda (BUBU) strategy, the ministry is also implementing other mechanisms including The National Export Development strategy, a one stop boarder post, and monitoring mechanisms among others.
Patrick Bitature, the Chairman, Private Sector Foundation of Uganda, urged government to enhance facilitation services to the private sector especially traders, farmers among others to ensure that they embrace manufacturing and cottage industries through supportive measures which he says will encourage traders in urban areas to join manufacturing.
“We need government affirmative action to encourage urban traders to join manufacturing in cottage industries. This will see traders constructing arcades establish industries of fast consumer goods which are currently being imported,” he said.
Robert Kasule Sebunya, Chairman of Tourism, Trade and Industry Committees in Parliament urged all sectors and line ministries to coordinate together and generate ideas on how to move forward to achieve the set targets of the ministry.
By Drake Nyamugabwa
