Government of Uganda plans by 2040 to increase the GDP per capita from current level of $506 to $9,500. The economy will move from the current peasant dominated economy to mid and upper income market driven economy.
The plans for transforming the economy are as follows;
- Revamp and upgrade the railway system to standard guage
- Generate 42,000 MW of electricity from all the hydro sources, the petroleum and gas sources, the geothermal sources and nuclear source.
- Develop oil and gas resources
- Implement the flagship projects of the phosphates in Tororo
- Iron ore project in Muko
- Modernise agriculture through the use of fertilizers and irrigation
- Utilize water transport system
- Modernise service sector
Financing Vision 2040
The funding for transforming the economy will be mobilised from the following sources;
- Public Private Partnership
- Borrowing from markets using long term bonds
- Using oil money to transform the country
Opportunities available to enable Uganda achieve vision 2040
The achievement of the vision depends on the country’s capacity to strengthen the fundamentals for harnessing the many investment opportunities. The investment opportunities include the following;
- Uganda has commercially viable oil and gas deposits in the Albertan Graben
- Uganda is endowed with various tourism attractions including diverse nature based resources, heritage, eco tourism, flora fauna and beautiful sceneries.
- Uganda has favourable geological environments that host a wide range and variety of minerals which provide an opportunity to develop a strong mining industry.
- Uganda has abundant fresh water resources that provide numerous opportunities for fishing activities which can foster socio-economic transformation
- There is an opportunity to leap frog in technology and attract labour intensive manufacturing industries which are being relocated from fast emerging economies as a result of rapid wage increases
- Opportunities for value addition through agro processing are enormous
- Opportunities for capacity building which is a must in order to manage the economy
Read the Uganda Vision 2040 here