Museveni backs value addition as Uganda targets $500bn economy by 2040
Ugandan President Yoweri Museveni is pushing for a shift from raw material exports to domestic processing and manufacturing to grow the economy tenfold by 2040. The government aims to transform the country into a production hub for goods like agro-processed items, electronics, and pharmaceuticals.
Why it matters
This economic strategy reflects a broader trend in developing nations seeking to increase industrialization and reduce reliance on foreign imports.
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Kampala, Uganda | THE INDEPENDENT | President Yoweri Museveni has called on Uganda to stop exporting raw materials and invest in processing and manufacturing, as the country pursues a target of growing its economy tenfold to $500bn by 2040.
In a speech read on his behalf by Trade, Industry and Cooperatives Minister Sanjay Tanna at the opening of the 32nd Uganda International Trade Fair in Kampala on Tuesday, Museveni said Uganda and Africa had lost economic opportunities for decades by exporting unprocessed resources and importing finished goods.
“We must decisively shift away from reliance on raw materials export. Let this 32nd International Trade Fair serve as a clear statement of intent,” Museveni said.
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