President Museveni opens 27th Trade Fair at UMA, Assures Business Community on solving major cost pushers
Ugandan manufacturers have been assured that the NRM Government is committed to solving all major cost pushers to ensure that business operators are able to benefit from their business operations.
The commitment was mad by President Yoweri Museveni while speaking at the opening of the 27th Uganda International Trade Fair earlier today at Lugogo’s Uganda Manufacturers Association show grounds in Kampala where manufacturers and exhibitors are showcasing their numerous industrial merchandises.
“Business is about profits. When you make profits business grows and in order to make profits you need to minimise costs,” he said.
The president reckoned the four major cost pushers as being high cost of transport, electricity, money and labour adding that all the efforts by Government to address these challenges are under way.
“The economy of Uganda has been growing inspite of these bottlenecks. Even now, we have not solved them wholly, but the economy is doing well because of peace and liberalization,” he added.
This year’s International Trade Fair is running under the theme; ‘Promoting Job Creation through Industrialization and has attracted the participation of over 27 countries. The one-week long event started on 2nd and is slated to end on 10th October 2019.
President Museveni informed the manufacturers and exhibitors that the Government of Uganda is continuing to build infrastructure, such as roads, among others as it also promotes partnering with the neighbouring countries of Kenya and Tanzania to build modern railway line as well as expanding electricity generation in order to reduce the cost of doing business in the country.
Regarding the issue of the cost of money (high interest rates), President Museveni explained to the manufacturers that the government capitalize government banks namely the Uganda Development Bank and Post Bank so that they give loans to borrowers at no more than 12% per annum.
Hon. Amelia Kyambadde the Trade, Industry and Cooperatives Minister highly commended the Uganda Manufacturers Association for organising successful trade fairs in the country for the last 27 years. She noted that the Fair has enabled domestic and international companies to show case their products on top of helping to increase sales through networking. She revealed that the manufacturing sector alone contributes 35% of the total tax revenue collected in Uganda.
Ms. Barbara Mulwana the Uganda Manufacturers’ Association boss thanked the President for the ardent support to the manufacturing sector in Uganda. She reported that the association is committed to partnering with government to re-tool Ugandans, especially the youth, in skills’ imparting methods to help the young meet international job demands worldwide.