President Yoweri Museveni has, in his State of the Nation Address to Parliament at the Kampala Serena Conference Centre on Thursday 6 June 2019, pronounced seven major drivers of economic progress, saying the economy is on course to self-sustenance.
In his three hour address, Museveni said he is banking on industrialisation to promote export using agriculture, import substitution, the commencement of commercial production of oil and gas and strengthening local content.
Improving efficiency in the execution of public investment, harnessing the benefit of regional integration and skills development, said Museveni, constituted a firm foundation for economic development.
The President said the economy is now valued at US$29.5 billion with a per capita income of US$800, a 3.6 per cent increase in per capita growth over the last three decades.
“…between 1986 and 2015, Uganda was the 17th fastest growing economy in the whole world and 4th in Africa; if you remove the mineral countries, Uganda was 11th in the world and 1st in Africa,” said Museveni.
The head of state said the current factories count in Uganda is 4,900 up from 80 in 1986.
Since 2006, Uganda chose to heavily invest in infrastructure, which has since 2006 topped the budget priorities.
The sector has been allocated Shs6.4 trillion out of the Shs40.5 trillion national budget for Financial Year 2019/2020.
This huge financial basket in the sector is meant to bankroll oil infrastructure and open the Kabaale International Airport to aid tourism.