Govt Seeks Trade, Affordable Financing to Achieve $500 Billion Economy By 2040

The Ugandan government is setting an ambitious target to grow its economy to $500 billion by 2040, focusing on enhancing trade partnerships, attracting investment, and securing affordable development financing. Minister of Finance, Planning and Economic Development, Henry Musasizi, emphasized that the country's economic transformation agenda hinges on increased investment, robust trade links, and improved domestic revenue mobilization, rather than aid dependency.

During a meeting with the United Nations Development Programme (UNDP) Resident Representative, Nwanne Vwede-Obahor, Musasizi highlighted Uganda's need for accessible, long-term financing to support productive investments. He urged for assistance in connecting with sources of "cheap development financing," while also promoting Uganda's political stability and attractive investment incentives. The Minister reiterated Uganda's commitment to reducing its reliance on external aid by expanding trade and drawing both domestic and foreign investment.

To bolster its financial independence, Uganda is working to strengthen domestic resource mobilization. The goal is to increase the country's revenue-to-GDP ratio from the current 14 percent to 20 percent by 2030, as outlined in the Second Domestic Revenue Mobilisation Strategy. This increase in domestic revenue is deemed critical for financing national priorities and sustaining long-term development plans.

The government welcomed continued cooperation with the UNDP, noting its alignment with the Fourth National Development Plan (NDP IV) and the Tenfold Growth Strategy. These initiatives are central to Uganda's economic transformation. The UNDP reaffirmed its commitment to supporting Uganda's development programs, with a particular focus on private sector development and job creation, aligning with the Tenfold Growth Strategy's aims to boost productivity, industrialization, exports, and household incomes.

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Support us by talking to those who have cheap development financing to invest in Uganda. We are politically stable with the best investment incentives. We are also the best tourist destination