Uganda drafts policy to create more industries

Business News

By JONATHAN KAMOGA

Uganda is drafting a new national policy to boost its industrial growth and cut its trade deficit.

According to government officials, the policy will be ready for Cabinet review in January next year

Under the old policy, Uganda’s industry and manufacturing sector’s contribution to the GDP grew 18.5 per cent between 2008 and 2017, well below the targeted 30 per cent.

According to the Ministry of Trade, Industry and Co-operatives, the country’s industrial development stood at 6.2 per cent of GDP in the financial year 2017/18 compared with 3.4 per cent in the year before.

The government hopes that the new policy will increase these figures within a decade.

Minister for Trade, Industry and Co-operatives Amelia Kyambade last week blamed the old policy’s shortcomings on the high cost of doing business in the country.

*Culled from theEastAfrican

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