Uganda is pursuing an ambitious tenfold growth strategy to expand its economy from approximately $50 billion in Financial year 23-24 to $500 billion by 2040 and the strategy is driven by the ATMS model which represents Agro-industrialization, Tourism, Science and Technology, Mineral development aiming to create jobs, increase exports, trade and inclusive growth.
Trade is the primary vehicle for distributing incomes, wealth creation and exporting the value added products and services generated by the ATMS sectors.
The National Trade Sector Review Conference at Speke Resort Munyoyo in Kampala is the platform that is aligning trade strategy with priority transformation sectors and the overall objective of the National Trade Review Conference is to generate actionable Trade Policy and Strategy recommendations that accelerate Uganda’s tenfold growth ambition
During the ongoing conference at Speke Resort Munyoyo the permanent secretary of the Ministry of Trade, Industry and Cooperatives reminded Ugandans that trade drives cooperatives and industries but the main objective is to put products on the Market.
“A $500bn economy by 2040 won’t be achieved by policy statements alone but it will be achieved by the strength of our industries, productivity of our farmers and the ability of Ugandan goods to compete globally”, said Lynnette Bagonza the Permanent secretary of Ministry of Trade.
” Under the the visionary leadership of President Museveni and Minister Francis Mwebesa, Uganda’s trade landscape has transformed, growing exports to $13.4 billion which is a foundation for the $500 economy by 2040, said General Wilson Mbadi the state minister for Trade.
“We are prioritizing import substitution for our products such as cement, steel, pharmaceuticals, textiles, edible oils, diary, etc. Our products are now competing with imports and winning, said Francis Mwebesa, the Minister of Trade, industries and cooperatives.
The conference will be concluded Thursday 5th with the launch of the Online Trade Permit System, trade policy and strategy implementation proposal documented, a high level conference communique with priotized policy and strategy actions, strengthened stakeholder network and coordination, increased awareness of Uganda’s trade dynamics, policy and strategy strategy options for leveraging the tenfold growth strategy by 2040.