Uganda formulates new industry policy to empower indigenous companies
The Ministry of Trade, Industry and Cooperatives with support from the United Nations Development Programme is formulating a new industry policy to regulate the sector.
The ministry says the policy will empower the indigenous small and medium industries to compete favorably.
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For the last three decades, foreign companies have been dominating the Uganda market, partly because such companies get various incentives from government. This has however stifled local companies.
Trade, Industry and Cooperatives minister, Amelia Kyambadde says favoring the foreign investors is largely because of the policies designed in the late 1980s which focused on attacking foreign investors for economic growth
The Ministry wants the indigenous companies especially the small and medium enterprises to compete with the foreign companies. It is expected that the policy will be out in April 2018
Almaz Gebru the country director United Nations development programme says the organization will provide both financial assist to make sure that Uganda attains the middle income status.
John Walugembe, the executive director of small and medium enterprise Uganda says the implementation of such polices is key for development than having a variety
The industrial sector contributes less than 10 percent to the gross domestic product; a figure economists say must rise if the country is to achieve middle income status.
