Deputy Speaker Unveils New Policy to Push for Local Investment
By The Public Lens
Uganda’s Deputy Speaker, Thomas Tayebwa, has proposed a groundbreaking policy to boost local investment in the country’s raw materials.
The policy aims to reward investors who enhance the value of Ugandan raw materials, promoting economic growth and reducing reliance on unprocessed exports.
During his visit to Tembo Steel Mills Limited in Iganga District, Tayebwa stressed the importance of supporting businesses that prioritize local raw materials.
Incentives for manufacturers using Ugandan resources are key, with financial support and import duties for those importing similar materials.
Tayebwa emphasized the need for government backing in iron ore processing, including streamlined mining licenses and environmental monitoring.
He praised Tembo Steel Mills’ innovative technology, which minimizes carbon emissions and produces high-quality steel products.
The Deputy Speaker encouraged other steel manufacturers to follow Tembo’s lead in promoting local value addition.
Tayebwa also commended the company’s environmental efforts, including planting more trees in the area.
Businesses like Tembo Steel Mills have a positive impact on local communities, providing essential services and employment opportunities.
Tayebwa hopes other manufacturers will follow suit, outsourcing raw materials locally instead of importing.
This policy echoes President Museveni’s call for prioritizing value addition to raw materials, a crucial step towards economic growth.
By processing raw materials locally, Uganda can foster socio-economic development and reduce dependence on imported products.
