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 ...
For News and Gossips that gets you covered
Comments
Post a Comment