Yoweri Museveni, Uganda’s President, has officially opened a review of the 5th phase of a program known as the Presidential Investors Round Table (PIRT), an initiative that seeks to drive government agencies to improve service delivery and boost the country’s competitiveness in the global economy.
The President launched the 5th phase of the program in August 2015 to make recommendations in areas of tourism, oil and gas, energy, minerals, value addition, competitiveness, and ease of doing business.
Museveni said he was optimistic that Uganda’s economy will grow sustainably since the government now has the facts needed to drive sustainable development.
Speaking this week, Uganda’s Head of State explained that his administration had identified bottlenecks that were constraining the country’s economic growth, adding that his government was working to address them. He said that poorly-developed infrastructure and inefficient policies were holding the country back.
The President’s sentiments come barely two weeks after he invited India to invest in Uganda’s lucrative mining and tourism sectors. At the time, Uganda was hosting a two-day event titled the Confederation of Indian Industry. The event attracted a host of delegates from more than 12 countries across the continent.
Uganda’s government has been revving up efforts to boost investment in the East African nation.
The United States Agency for International Development’s (USAID’s) East Africa Trade and Investment Hub, an organization that works to boost trade and investment with and within the region recently made three suggestions for jumpstarting Uganda’s economy for sustained economic growth.
The Hub this week urged the country’s government to boost export-led industrialization, work towards attracting investment and capitalize on market-led agriculture.