President Yoweri Kaguta Museveni has reiterated his call to stop the exportation of raw materials, saying that Uganda loses a lot of money annually due to such economic undertakings. He instead advised Ugandans and foreign investors to work towards adding value to the country’s products to achieve the much-desired socio-economic transformation agenda.
President Museveni made the call during the Presidential CEO Forum’s (PCF) two-day 4th Bi-Annual CEO Retreat held at Kiira Vehicle Plant in Jinja. Running under the theme “Uganda’s Industrialization Agenda: Positioning Uganda as a Net Source of E-Mobility Solution in Africa,” the high-level meeting highlighted the private sector’s driving role in the country’s development.
The President emphasized the need to fund the private sector’s efforts fully and encouraged value addition to products instead of exporting raw materials. He expressed concern over the lack of support from the Ministry of Finance in providing adequate funding to boost value addition initiatives.
“When you export unprocessed coffee, you get 2.5 US Dollars per kilogram. That same kilo, if you add value to it, you earn about 40 US Dollars, and you are losing that every year. Why don’t you see this loss, and especially when an old man like me keeps on telling you and you have seen what other countries have done,” President Museveni urged.
Highlighting the potential of adding value to products, the President cited the success of the dairy sector. He recounted the struggle to expand the Uganda Dairy Corporation in Bugolobi, which eventually led to the significant growth of Uganda’s milk sector. He called for similar efforts in other sectors to foster economic growth.
In line with his call to prioritize value addition, President Museveni reaffirmed his ban on the exportation of unprocessed timber in Uganda. He urged timber dealers to convert the timber into furniture and export the finished products instead.
“I said nobody should export timber which is unprocessed. So if you are a furniture maker, that is what you want. Keep the timber and make the furniture here. So, if you want to export, you export the furniture, not the timber,” President Museveni stated.
The President also addressed the issue of taxation on imported raw materials, expressing his support for tax-free importation as long as the products are not produced in Uganda.
In conclusion, President Museveni called upon politicians and civil servants to support Uganda’s development goals and the private sector’s efforts in achieving economic transformation.
