Government of Uganda will encourage and promote import substitution as well as emphasize export promotion, in a bid to improve economic growth, according to President Yoweri Museveni.
While speaking to Members of Parliament via a virtual presentation at State House after the Budget reading, Museveni expressed optimism with the country’s economy despite the effect of the global coronavirus pandemic.
We are moving without much input from the outside world and because of that, we are going to be very strict with import substitution. I am glad the Minister of Finance has talked of putting a tax on imported items which we can make here,” said Museveni.
He said this would promote industrialization that would increase on value addition and manufacture of goods locally that can be marketed through a comprehensive national export promotion strategy.
The President also said Uganda’s exports were performing well, highlighting coffee where the country currently exports 7 million bags as compared to 2 million bags in 1986; with a target export base of 20 million bags.
He also said that taking advantage of the products of the brain could supplement the output from the country’s key sectors like agriculture, minerals, forestry and tourism among others, for economic growth.
“The prosperity of Japan is based on its human resource and the skills of the brain and human hand, which is why we drive Japanese cars. Our scientists and entrepreneurs must move in this direction,” Museveni added.
He castigated individuals whom he termed as bureaucrats that have set back the process of innovation in the country.
“Our young people have found the best medicines for malaria and we may find the one for Corona. Our people would have found it long ago if it was not for the laziness of our bureaucrats,” said Museveni.
The President said the country was winning the fight against the coronavirus pandemic owing to the number of recoveries of the 679 registered cases in the country and no deaths.
“I am very happy with LCs in the villages who are enforcing vigilance but all of us should enforce this, especially social distancing, wearing masks cleaning surfaces with disinfectants and avoiding touching the eyes, nose and mouth,” the President said.
He assured Ugandans that country is stable and that the prevailing peace cannot be disturbed; and also called on his regional counterparts to create regional coordination for total peace in the area.
“We have been building a lot of capacity, and we can help in the region like we have done with Somalia. Any of our bothers that wants us to help, we can do so,” said Museveni.
The President commended the budget proposal to re-ignite business activity through increasing access to credit worth Shs1.045 trillion at Uganda Development Bank, to offer low interest financing to manufacturing, agribusiness and other private sector firms.
He, however, tasked the Uganda Revenue Authority to improve revenue collection in the country.
“People do not want to pay taxes and they are just hiding, that is why this GDP figure of 14.3 per cent is not what it should be. There is a lot of corruption and we shall expose it,” Museveni said.
In light of the coronavirus pandemic, the President highlighted and commended the impact of distance learning for students, saying discussions on it were ongoing in Cabinet.
- Following the President’s address to Parliament on the occasion of the Budget reading, Speaker Rebecca Kadaga adjourned House sitting to Tuesday, 16 June 2020.
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