(Inset: UMA Chairman H.E Barbra Mulwana & Board Members chat with Exim bank delegation)
The Office of the Prime Minister hosted a delegation from Exim Bank India. The delegation presented lines of credit opportunities to local business people. UMA Chairman and other board members engaged one of the Exim India Bank to explore the possibility of obtaining affordable financing for manufacturers in Uganda.
For a long time, Mr. Amos Nzeyi the Chairman UMA and the Board have been lobbying Government to stimulate demand for locally manufactured goods by main streaming local content.
Mr. Amos Nzeyi making his speech at the launch.
The Buy Uganda Build Uganda policy was launched today 2nd March 2017 by the Prime Minister Rt. Hon. Dr. Ruhakana Rugunda and the Minister of Trade and Industry, Hon. Amelia Kyambadde. This marked a very significant step in the pursuit of local content which UMA has been lobbying for a long time.
At the launch, Mr. Amos Nzeyi thanked Government for finally launching this policy which is expected to result in higher demand for locally manufactured products. The Chairman UMA also thanked Government for the long awaited reservation guidelines that have been recently released by the Public Procurement and Disposal Authority. These guidelines will ease the implementation of the Buy Uganda Build Uganda Policy. He also stated that some companies have actually already started benefiting from the local content policy. Uganda imports goods and services that amount to about USD7 Billion but only 10% of this is supplied by local industries. On average, industrial capacity utilization stands at just 53% and this is not enough to sustain economic development. Many Ugandans now have low liquidity as well as purchasing power that is attributed to investment in large infrastructural projects being constructed by foreign companies.
Once fully implemented, the Buy Uganda Build Uganda policy is a big step towards supporting local industrialists through stimulation of demand for their products.
The Prime Minister, Rt. Hon. Dr. Ruhakana Rugunda launched the BUBU policy & strategy and re-affirmed governments commitment to support local industries.