Finance Minister Urges Wealth Funds to Cultivate Export Giants

Finance Minister Henry Musasizi has challenged Ugandan firms to leverage existing wealth creation funds and transform them into powerful export-oriented businesses. Speaking at the 17th National Competitiveness Forum in Kampala, Musasizi emphasized that the current bottleneck to economic growth is productivity.

He highlighted the government’s efforts over the past four years to de-risk private investment by channeling affordable capital into various sectors of the economy. These initiatives, which initially focused on poverty reduction at the household level, must now evolve to support the development of competitive firms capable of entering international markets.

This strategic pivot is crucial for Uganda to achieve its ambitious target of becoming a $500 billion economy by the year 2040. The minister’s call to action signifies a new phase in the nation’s economic development strategy, where the success of wealth creation programs will be measured by their ability to generate export revenue and enhance global competitiveness.

The government’s commitment to providing accessible capital is intended to empower businesses to scale up, innovate, and meet the rigorous standards required for successful exporting. Musasizi’s remarks underscore the importance of shifting focus from domestic consumption and poverty alleviation towards building a robust export sector as a primary engine for future economic prosperity.

Source: Daily Monitor (Uganda)