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PRIME MINISTER PLEDGES GOVERNMENT SUPPORT FOR LOCAL MANUFACTURERS
The Chairman UMA, H.E. Barbara Mulwana while hosting the Prime Minister Rt. Hon. Dr. Ruhakana Rugunda on Wednesday at the 25th UMA trade fair, advocated among others; the need to have the power cost reduced to the 5/KWH that was initially promised by H.E. Yoweri K. Museveni the previous year and the need to fast-track the mainstreaming of BUBU Policy through the enactment of the local content Bill as soon as possible so as to improve competitiveness of domestic manufacturers against foreign cheap products.
“We really want local content to be streamlined. A paper has been passed by government on measures aimed at moderating procedures to increase local production capacity to realize more exportation.” Rt. Hon. Rugunda reaffirmed.
He spoke on recapitalization of Uganda Development Bank (UDB) and asserted that UMA needs to appreciate that recapitalization of UDB has commenced. So far Government has allocated 50 Billion Ug. shillings every year to UDB as a starting point. “However little it is, we have to appreciate the effort in creating more affordable financing options for industrialists.” he said.
The Prime Minister further highlighted the reduction of the Central Bank Rate (CBR) to 9.5% on Tuesday, 3rd October, 2017 which will toe the line in making financing more affordable as this reduction will encourage more to borrow at a fair interest rate from commercial banks.
Still in the quest to assure manufacturers of alternative financing options, Rt. Hon. Rugunda noted that the President invited India Exim Bank with the Chamber of Business to sensitize Ugandans on the available financing options from the India Exim Bank. He noted that they will be hosted in November this year.
About the slow pace of set up of industrial parks, Namanve in particular; Rt. Hon. Rugunda noted that the government is aware of the challenges facing industrialists and that the President is picking up with the momentum to address issues like the Namanve industrial park to fast-track the infrastructure developments on the land to ease production it is imperative are in boosting the competitiveness of the local industrialists against the foreign products.
While giving last remarks, H.E. Mulwana thanked the Rt. Hon. Prime Minister for taking time to visit UMA and the extensive help his office has rendered to UMA; she noted that the manufacturing fraternity is very grateful to not only his office, but also the line Ministry of Trade, Industry and Cooperatives for especially championing the BUBU policy; a policy that will gear this economy for greater heights.