President Museveni has said he is optimistic that the economy of Uganda will grow sustainably as government has now got the facts.
The President was speaking at the opening and review of the 5th phase of the Presidential Investors’ Round Table (PIRT) that took place on Wednesday at State House Entebbe.
President Museveni said that after many years of trial and error, we have been able to identify 10 strategic bottlenecks. President Museveni said he has since then identified 10 strategic bottlenecks that must be tackled head-on in order to help the economy grow sustainably.
He noted that political problems of Uganda’s trade partners have caused the fall in the prices of commodities such as tea, beef and milk. “The price of tea was affected by the problems in Egypt; the price of beef by problems in the Democratic Republic of Congo and milk by the problems in South Sudan,” he said.
The President said that the other bottleneck that needs to be addressed is that of infrastructure.
“Underdevelopment of infrastructure means low electricity, high electricity and transport costs and the private sector cannot make profit because of the high cost of inputs,” he said.
Mr. Museveni told the meeting that those critiquing government that the country is producing a lot of electricity should stand warned as he would not compromise and allow that kind of confusion.
He added that after addressing the problem of electricity, government is now struggling to tackle the issue of high transport costs by constructing the railway and linking it to the lakes.
“Cargo must move on the railway and water and the roads be left for people. Once we deal with transport, the only dangers remaining will be corruption and delays in decision making,” he said.
President Museveni said that the other bottlenecks that need to be addressed include supporting the private sector and the fragmented market, which was caused by colonialism.
He added that when there are low costs of production, such as transport and electricity, many investors will set up industries and help to reduce the population that is stuck in subsistence farming.