Africa-Press – Uganda. Start Trade Minister David Bahati has said the recently passed Competition Bill will enhance fair competition in trade and business.
The Bill, he said, will also boost Uganda’s production of goods and services to mitigate the ever rising import bill.
“This Bill [puts in place] a committee to regulate competition and its implementation, while also looking at consumer protection issues,” he said, noting that it will help Uganda to cut its import bill through import substitution and instituting high tariffs on imports that cab be locally produced.
Ugandan businesses continue to struggle in a market that is highly saturated with cheap imports.
It is not clear why goods produced locally are sold expensively, but this might be due to a low return on investment, given that investors have to deal with high interest rates, energy costs and statutory obligations, among others.
Mr Bahati said government is capitalising development banks such as Uganda Development Bank to help manufacturers access low-interest credit. The Treasury allocated Sh85b in the 2023/24 financial year to support operations of medium and large scale businesses through affordable loans of between 10 and 12 percent.
Speaking during the Consumer Choice Awards, Mr Bahati said lower borrowing costs will strengthen the economy and increase Uganda’s gross domestic product.
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