Government has stepped up efforts towards import substitution by encouraging citizens to produce goods and add value to Organic products which are on high demand abroad.
This was disclosed by the Minister of Trade industry and cooperatives Sanjay Tanna during a media engagement organized by the Ministry of Tourism Trade and industry.
The main purpose of meeting was to brief the media on developments in the sector and to appreciate the critical role of Industry in achieving the USD 500 Billion Economy.
For the manufacturing sector, the USD 500bn Economy means moving beyond exporting raw materials.
This is comprised of adding value to Uganda’s raw materials and increasing value-added exports.
Uganda currently imports steel and steel products worth USD 1 billion .
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According to the ministry of state for industry David Bahati, Out of this one billion imports, USD 490 million is spent on raw materials to produce steel locally, yet we have 312 million tonnes of iron ore deposits.
David Bhati says Government is focusing on leveraging on the deposits, adding value locally, to replace these imports.
Hon. Tom Aza Alero the Minister of State for Trade, Industry and Cooperatives (Cooperatives) in Uganda said Government is in the process of revamping cooperative societies.
He however expressed concern over the discovery of briefcase cooperatives across the country and vowed to de register face cooperative societies.
He says government is in process of securing and rescuing grabbed properties of cooperative societies.
