KAMPALA — The government has said Uganda is prioritising trade partnerships, investment and affordable development financing as part of efforts to achieve a USD500 billion economy by 2040.
The Minister of Finance, Planning and Economic Development, Henry Musasizi, said the country’s economic transformation agenda requires increased investment flows, stronger trade links and improved domestic revenue mobilisation rather than dependence on aid.
Musasizi made the remarks on Thursday during a meeting with United Nations Development Programme (UNDP) Resident Representative Nwanne Vwede-Obahor and her delegation at the Ministry of Finance headquarters in Kampala.
The meeting, also attended by Minister of State for Privatisation and Investment Hajjat Amina Mukalazi, focused on strengthening cooperation between the government and UNDP, particularly in development financing and implementation of Uganda’s development agenda.
Musasizi said Uganda’s growth ambitions require access to affordable, long-term financing to support productive investments.
"Support us by talking to those who have cheap development financing to invest in Uganda. We are politically stable with the best investment incentives. We are also the best tourist destination," he said.
He said Uganda remains committed to reducing dependence on external assistance by expanding trade and attracting both domestic and foreign investment.
The minister said government is also working to strengthen domestic resource mobilisation by increasing the country’s revenue-to-GDP ratio from the current 14 percent to 20 percent by 2030 under the Second Domestic Revenue Mobilisation Strategy (DRMS).
He said raising domestic revenues will be critical in financing national priorities and sustaining Uganda’s long-term development plans.
Musasizi welcomed continued cooperation between Uganda and UNDP, saying the partnership aligns with the Fourth National Development Plan (NDP IV) and the Tenfold Growth Strategy, which are central to the country’s economic transformation agenda.
The UNDP Resident Representative congratulated Musasizi on his appointment as Finance Minister and reaffirmed the organisation’s commitment to supporting Uganda in improving coordination and implementation of development programmes.
Minister Mukalazi thanked UNDP for its continued support and welcomed its increasing focus on private sector development and job creation.
Uganda’s Tenfold Growth Strategy seeks to accelerate economic expansion by increasing productivity, strengthening industrialisation, promoting exports, improving household incomes and expanding private sector participation in the economy.
