Museveni backs value addition as Uganda targets $500bn economy by 2040

What the report says

President Yoweri Museveni has renewed support for Uganda’s push toward value addition, urging the country to reduce exports of raw materials and expand processing and manufacturing as part of a long-term goal of reaching a $500 billion economy by 2040. According to The Independent Uganda, the message was delivered through Trade, Industry and Cooperatives Minister Sanjay Tanna at the opening of the 32nd Uganda International Trade Fair in Kampala.

In the speech, Museveni said Uganda and the wider region have for years lost out by sending out unprocessed resources and then importing finished goods. He pointed to sectors such as agro-processing, food production, steel, copper, fertilisers, vaccines, pharmaceuticals, vehicles and electronics as areas where local industry should grow. He also framed innovation and technology as central to turning Uganda from a consumer market into a production base that creates jobs and boosts export earnings.

The Uganda Manufacturers Association used the event to press for stronger government backing. Its leaders called for more predictable electricity costs, reliable power, affordable financing, timely public payments and greater use of local products in government procurement. The association also said the fair has grown into a major platform for exhibitors, with more than 1,000 participants expected and about 150,000 visitors anticipated.

The trade fair, which runs until October 11 at Lugogo in Kampala, is being held under the theme of formalising trade to support Uganda’s economic future. As reported by The Independent Uganda, the event also featured exhibitor awards and discount promotions by local manufacturers.