Uganda's economy recovering faster than expected-Kyambadde

The Minister of Trade, Industry and Cooperatives Amelia Kyambadde has revealed that Uganda's economy is recovering at a faster rate than predicted.

Kyambadde noted that Uganda's economy is now recovering at a rate of 4.9% of GDP after dropping to about 2.9% during the COVID-19 lockdown.

"I foresee a bright future; we are now recovering faster than expected. We thought it would take us a year or two," Kyambadde said.

She however painted a deem picture on the real estate sector which she said might struggle to recover with many people doing business online and not renting buildings like offices and arcades.

Kyambadde said this during her tour at Graphic System factory in Luzira which was aimed at observing the post-COVID-19 recovery of some industries to establish how they were affected and how they are recovering.

"COVID-19 had a dark side but also a bright one. The zeal to work is very good and the business ethics have improved among Ugandans," Kyambadde said.

Commenting on Graphic Systems who are into printing business, Kyambadde asked them to skill more Ugandans in the printing sector.

"The printing industry is growing in Uganda and most people are grappling with it downtown because they don't have skills.

But why don't you take on some people and skill them. At least every year train two," Kyambadde said.

She challenged, Ugandans to buy Ugandan made products if they are to develop and build their country to great nation.

Rajesh Chaplot, the managing director, Graphic Systems noted that COVID-19 pandemic had cut their production capacity to 30% but has since recovered to 70%.

"We hope to recover fully soon," Chaplot said.

He however decried the erratic electricity supply and lack of trust from some government entities on producing for them work.

Chaplot noted that for Buy Uganda Build Uganda (BUBU) policy to succeed, government and Ugandans need to trust local manufacturers.

"We are strongly lobbying that government buy as much as possible from us. We need to trust our own Ugandan manufacturers by buying from them only then we will develop this country," Chaplot said.

The company is also among the few, that are producing government masks, and during the visit several youths were found making masks.