Government have been asked to focus on re-adjusting economic policies to favour industrialization and export trade in Uganda. While opening the high level policy dialogue on export development and promotion in Uganda at the president’s office in Kampala, the state minister economic monitoring Henry Banyenzaki said that the 4 trillion shillings balance of payment deficit the country has is unbearable. He said that more exports are required to reduce on the country’s trade deficit.
The country’s balance of payment deficit occurs when a country’s total imports of goods, services and transfers are greater than the country’s total export of goods, services and transfers. Banyenzaki said that government must come up with outright reforms to safe guard local industries as well as funding them to ensure production of quality products that can meet international standard. He said that although government is running a liberalized economy the importation of cheap goods like used clothes threatens textile industries product market yet Uganda has a potential in that sector
The dialogue is geared towards getting a solution on how to strengthen the performance of Uganda’s export sector.
