BUBU implementation will reduce Uganda’s trade deficit

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“We must buy more; produce more for our economy to grow. My office assisted by Ministry of Trade will coordinate ministries, departments, agencies and local governments for the success of BUBU,” he stated.

Effective implementation of the Buy Uganda Build Uganda (BUBU) policy through supporting local industries, enhancing quality and quality of goods produced will reduce Uganda’s trade deficit with other countries globally, Prime Minister Ruhakana Rugunda has said.

“Uganda’s population which is now estimated to be at 40 million will require these goods and services; and this is already a market available. If they consume locally produced goods, they support local producers, they create jobs and support growth of industries,” said Rugunda.

He said this during a dinner to mark the closure of BUBU expo at Kololo Airstrip on Saturday evening. Uganda last year exported goods worth $3.6b and imports stood  at $6.2b implying a deficit of $3.4b.

BUBU implementation will reduce Uganda’s trade deficit (Left to Right) Prime Minister of Uganda Ruhakana Rugunda handing over an award to Executive Director of Private Sector Foundation Uganda, Gideon Badagawa while Minister of Trade Industry and Cooperatives, Amelia Kyambadde looks on . This was during a closing dinner of Buy Uganda Build Uganda at Kololo independence . (Photo by Abbey Ramdhan )

 

Rugunda hailed Amelia Kyambadde and her ministry for the BUBU initiative, pledging to support it.   

 “We must buy more; produce more for our economy to grow. My office assisted by Ministry of Trade will coordinate ministries, departments, agencies and local governments for the success of BUBU,” he stated.

Amelia Kyambadde, Minister for Trade, Industry and Cooperatives said the main purpose of BUBU is to promote local companies and help them benefit from government procurement systems as well as enhancing quality of goods.

She said however said there’s need for Government to invest in raw material value addition such as hides and skins for leather, minerals among others to reduce importation of raw materials by local manufacturers.

“You realise that about 40% of the exhibitors imported their raw materials from abroad and yet we have them here for example copper, tin; we have all of them but have not added value to them. So that’s our goal to start investing in minerals and raw materials,” said Kyambadde.

She said BUBU expo is to be rolled out in different districts such as Gulu, Mbale, Soroti among other areas.

“We shall be moving around sensitising the private sector and manufacturers and I pray that organisations like Uganda Manufacturers Association continue supporting us in spreading the gospel of using local products,” she said.

Oliver Lalani, the executive director of Roofings Group hailed the Government for creating a conducive environment for businesses to flourish.

When asked about BUBU in relation to reducing Uganda’s trade deficit, Stuart Mwesigwa, Roofings Group business development manager noted that once the manufacturing sector is boosted, the country will export more and import less.

“If we go to steel products and start making them out of locally available iron ore, the chain is so long from iron ore mining to steel bars or iron sheets and each stage means we are creating more employment, implying promotion of technologies,” said Mwesigwa.

He added: “By promoting BUBU, we are loving our own and getting locally produced products to standards and quantity.  The more we produce goods locally, the less the cost of final products hence more affordable.”

 

NewVision.co.ug

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