Kampala, Uganda – In a landmark event that underscores Uganda’s commitment to enhancing its trade and economic landscape, Minister of Trade, Industry, and Cooperatives Francis Mwebesa has officially inaugurated the inaugural board of the Uganda Free Zones and Export Promotion Authority (UFZEPA). This development marks a pivotal moment in the nation’s efforts to bolster its export capabilities and attract foreign investment.
The ceremony, held at the Ministry’s headquarters in Kampala, saw the appointment of a diverse group of experts and stakeholders from various sectors, including trade, industry, and finance, to constitute the board. Their mandate is clear: to streamline processes, reduce bureaucratic hurdles, and offer incentives that will make Uganda an attractive hub for international business.
Minister Mwebesa, addressing the gathering, emphasized the importance of this initiative for Uganda’s economic growth. “The establishment of the UFZEPA is not just about attracting investment; it’s about creating jobs, enhancing our export market, and positioning Uganda at the forefront of trade within Africa and beyond,” he stated. The minister highlighted the strategic benefits of free zones, which include tax exemptions, simplified customs procedures, and infrastructure support, all aimed at fostering an environment conducive to business growth.
The timing of this initiative aligns with Uganda’s recent involvement in the African Continental Free Trade Area (AfCFTA), where President Yoweri Museveni commissioned a Free Zones Export Facility at Entebbe International Airport, further showcasing Uganda’s readiness to compete on an international scale.
The newly formed board’s immediate tasks include overseeing the operationalization of the free zones, ensuring compliance with international trade standards, and promoting Uganda’s products globally. They will also work on resolving ongoing challenges related to the merger of previous entities like the Uganda Export Promotion Board and Uganda Free Zones Authority, which has faced delays and confusion among exporters.
Industry leaders and exporters present at the inauguration expressed optimism. One exporter noted, “This board could be the key to unlocking our potential, especially with the recent issues we’ve faced with certification and market access.”
The UFZEPA is expected to play a crucial role in implementing Uganda’s trade strategy, focusing on diversifying export products, reducing the trade deficit, and improving the competitiveness of Ugandan goods in the global market. This aligns with broader governmental objectives outlined in the National Development Vision towards 2050 and the new investment policy, which aim at sustainable economic growth.
As Uganda strides towards these ambitious goals, the international community watches with interest, anticipating how this new authority might reshape trade dynamics in East Africa and contribute to continental economic integration.
This development is part of a series of strategic moves by the Ugandan government in recent years to enhance its economic framework, including hosting significant international summits and implementing policies that foster industrial growth and trade.