Minister Musenero Champions Industrialisation for Uganda's Economic Takeoff

Minister for Energy and Mineral Development, Dr. Monica Musenero, has issued a strong call to action for Uganda’s private sector, emphasizing that industrialisation must be central to the nation’s economic transformation agenda. Speaking at the 7th Bi-Annual Private Sector CEOs Retreat, Musenero highlighted the government’s dedication to improving electricity access across the country, aiming to provide a stable power supply for businesses and industries.

“We are developing interventions to bolster small-scale enterprises and foster the growth of local industries,” Dr. Musenero stated. She stressed the necessity of deliberate policies that guide businesses from the initial idea and licensing stages to the production of competitive goods that meet market demands.

Furthermore, Musenero encouraged industry players to adhere to existing regulations for sustainable operations and advised those facing difficulties to seek assistance from relevant government bodies. The Deputy Speaker of Parliament, Thomas Tayebwa, echoed the government’s commitment to expanding electricity supply, recognizing its crucial role in supporting industrial growth.

Tayebwa also called upon commercial banks and financial institutions to re-evaluate their lending rates and create more accessible financial products for local investors and manufacturers. Minister for Science and Innovation, Jonard Asiimwe, reinforced the importance of innovation and value addition in driving Uganda’s economic progress.

Irene Birungi, CEO of the Presidential CEOs Forum, underscored the significance of ongoing dialogue between the government and the private sector to address investor concerns and identify new avenues for growth. The retreat, which gathered manufacturers, business owners, and traders, urged participants to embrace industrialisation, innovation, and value addition as fundamental strategies for boosting production, creating employment, and advancing Uganda towards substantial economic expansion.

Source: Nile Post