DAR ES SALAAM, TANZANIA – Leaders at the 2nd Uganda-Tanzania Business Forum have emphasized the importance of value addition and industrialization in driving economic transformation in both countries.
The business forum, held on May 23, 2024, brought together business leaders, government officials, and industry experts from Uganda and Tanzania to discuss ways to enhance economic cooperation and trade between the two nations.
Ms. Sarah Kagingo, Vice Chairperson of the Private Sector Foundation Uganda (PSFU), in her address that highlighted the critical role of value addition and industrialization in driving economic growth and development.
“The prosperity of both nations is contingent on value addition to products, regional market integration, and international market penetration. We need to focus on producing high-value products that can compete globally,” she said.
Kagingo also emphasized the need for Uganda and Tanzania to leverage their comparative advantages to create synergies that benefit both nations. “We need to identify areas where we can complement each other and work together to create a larger market for our products,” she said. She cited the example of Uganda’s coffee industry, which has seen significant growth in recent years due to value addition. “We need to replicate this success in other sectors such as agriculture, manufacturing, and tourism,” she said.
Kagingo also highlighted the importance of infrastructure development in facilitating trade and industrialization. “We need to invest in roads, ports, and energy to reduce the cost of doing business and make our products more competitive,” she said. She also emphasized the need for skills development and capacity building programs to enhance the competitiveness of local businesses.
Mr. Fred Mwesigye, High Commissioner of the Uganda to Tanzania, echoed similar sentiments, highlighting the need for industrialization to create jobs and drive economic growth.
“Industrialization is critical for economic transformation. We need to move away from just exporting raw materials and focus on producing finished products that can compete globally,” he said.
The forum participants agreed that value addition and industrialization are critical for economic transformation and committed to working together to achieve this goal. They identified key sectors such as agriculture, manufacturing, and tourism as areas with high potential for value addition and industrialization.
The 2nd Uganda-Tanzania Business Forum was a significant step towards enhancing economic cooperation and trade between the two nations.
The emphasis on value addition and industrialization as key drivers of economic transformation is a critical step towards achieving sustainable economic growth and development in both countries.
