Odrek Rwabwogo, the senior presidential advisor on special duties and chairman of the Presidential Advisory Committee on Exports and Industrial Development (PACEID), recently addressed the business community in Ankole, emphasizing the significance of value addition in spurring economic growth.
Speaking at Boma Grounds in Mbarara City, Rwabwogo highlighted the missed opportunities when businesses solely focus on exporting raw materials. He stressed that investing in value addition enables entrepreneurs to create more jobs, increase revenues, and competitively position their products in global markets.
The session at Boma Grounds, facilitated by PACEID, aimed to equip participants with the necessary knowledge and skills to drive sustainable economic growth through value addition and quality production. Rwabwogo emphasized the importance of diversifying products and accessing international markets for greater profitability.
Matthew Bagonza, the head of secretariat at PACEID, reiterated the organization’s commitment to supporting the business community in achieving their export goals. He outlined PACEID’s objective of reaching $6 billion in new foreign earnings from exports over the next five years, emphasizing the role of value addition in this endeavor.
Established to advise the President on strategies for increasing Uganda’s export earnings and promoting industrial development, PACEID identified 13 key exports for targeted growth in production and revenue. These include coffee, sugar, grains, fruits and vegetables, poultry (meat), tourism, beef, dairy, cement, steel, fish, banana flour, and flowers/plant materials.
According to PACEID, these exports leverage Uganda’s comparative advantage in target markets and have the potential to drive sustainable industries and employment growth. By focusing on value addition and quality enhancement, Ankole’s business community can contribute significantly to the nation’s economic development.
