Ugandan President Engages Manufacturers to Revitalize Textile Industry
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- Published: Thursday, 20 June 2024 17:20
President Yoweri Kaguta Museveni of Uganda has initiated discussions with the Uganda Manufacturers Association (UMA) to explore strategies aimed at revitalizing the domestic textile sector and reducing dependency on imports. This move underscores Uganda's commitment to bolstering local industries and enhancing economic self-sufficiency.
In a recent meeting with UMA representatives, President Museveni sought counsel on initiatives to revive and safeguard the country's textile industry, which plays a pivotal role in Uganda's economic landscape. One of the primary measures discussed includes the imposition of taxes on textile imports, intended to incentivize local manufacturing and stimulate growth within the sector.
Currently, only a small fraction—approximately ten percent—of Uganda's cotton undergoes value addition within the country. UMA aims to significantly increase this figure, emphasizing the transformative potential of fully leveraging Uganda's cotton resources. Deo Kayemba, Chairman of UMA, highlighted the importance of maximizing the value of Uganda's cotton production, stating that if the remaining 90 percent of cotton could be value-added locally, it would catalyze substantial economic development.
UMA's vision extends beyond immediate industry revival to encompass broader economic goals for Uganda. This includes an ambitious target to expand the economy from its current valuation of $55 billion to an impressive $500 billion. Such aspirations underline UMA's dedication to driving sustainable economic growth through strategic industrial development and local resource utilization.
President Museveni's proactive engagement with UMA reflects a concerted effort to harness Uganda's potential in the textile sector, aligning with national objectives of industrialization and economic empowerment. By fostering a conducive environment for local manufacturers and prioritizing value addition to raw materials, Uganda aims to strengthen its industrial base, create employment opportunities, and reduce dependency on imported goods.
As discussions progress and initiatives are implemented, stakeholders are optimistic about the transformative impact on Uganda's economy. The collaboration between government and industry leaders signifies a unified approach towards realizing long-term prosperity and economic resilience through sustainable industrial growth.
In conclusion, Uganda's commitment to revitalizing its textile industry underscores its strategic focus on economic diversification and local capacity building. With the support of UMA and strategic policy interventions, Uganda is poised to harness its natural resources effectively, paving the way for inclusive economic development and enhanced global competitiveness in the textile market.