“To support manufacturing, electricity tariffs will come down from the current US 11 cents to US 5 cents,” said Museveni as he presided over the official opening of the 24th Uganda International Trade Fair at the UMA showground, Lugogo.
He added: “I have already negotiated with stakeholders and I can assure you if you are a manufacturer, you are going to pay US$ 5 cents.”
He assured the manufacturers the cut will happen in transitions down from from US$ 11 cents to US$ 7 cents and eventually US$ 5 cents to enable favourable costs of production for the business community.
Museveni furthered said, “I have also already negotiated with the Finance ministry to put money in Uganda Development Bank (UDB) to give manufacturers at an interest rate of 12%.
Government is going to institute Export Credit Guarantee to help exporters who sell products in risky markets.”
He urged Government departments to purchase from local manufacturers instead of importing products from abroad.
President Museveni also urged Ugandans to buy things made in Uganda.
“I am wearing an army uniform made here by Nytil. I don’t want to hear of importation of army and nurses uniforms anymore.”