ACHIEVING MIDDLE INCOME STATUS: BUILDING A ROBUST INDUSTRIAL SECTOR

0
419

Speaking at the 6th CPA Economic Forum, Prof. Samuel Sejjaaka, Partner, SNG Sejjaaka, Kaawaase & Co. and team leader at Abacus Business School focused on industrialisation as the only viable route out of poverty. He emphasized that industrialisation is not about industries alone but also about efficiency, effectiveness and economies of scale.

For effective industrialisation, Uganda must improve security, assure property rights (have a transparent mechanism for settling disputes), among others. He added that industrialisation is a cultural mindset shift that requires investment, prioritization, focus and agri-business value chain.

Assoc. Prof. Julius Kiiza explained the routes to achieving middle income status. He added that industrialisation is a necessary pre-requisite for the transition from agriculture to a high-tech service economy. For this to work, there should be good infrastructure, effective research & development and growth of domestic markets.

He highlighted that rich countries advance by adopting economic nationalism, prohibiting export of raw materials, encouraging raw material importation, protecting infant industries until adulthood and regulating foreign exchange.
He recommended that government reconsiders the economic liberalism policies, avoids uncoordinated troupe movements, harmonizes government and business policies, and addresses the problem of poor implementation.

CPA Noor Nakabugo Nakato

Assistant Technical officer

ICPAU

LEAVE A REPLY

Please enter your comment!
Please enter your name here