In line with President Yoweri Museveni’s directive to boost import substitution and promote exports, Hon. David Bahati, the Minister of State for Trade, Industry and Cooperatives (Industry), on Thursday paid a visit to Fine Spinners Uganda Ltd.
Fine Spinners Uganda Ltd, a textile company, is already playing a pivotal role in supporting the country’s import substitution goals. The company specializes in the production of high-quality Textiles, that can serve as viable alternatives to imported materials.
This aligns with the government’s agenda to boost the “Buy Uganda, Build Uganda” initiative, which encourages the consumption of locally produced goods.
During his visit, Bahati expressed the government’s commitment to revitalizing the manufacturing sector and reducing the country’s dependence on imported goods.
Bahati commended Fine Spinners Uganda Ltd for its commitment to improving the economy, quality and innovation in the textile industry.
“We are glad that Fine Spinners, as one of the strong companies in the textile industry, is doing very well. They have increased our exports by almost 2 million dollars while using our raw materials of cotton,” he said.
He emphasized the need for further investment and growth in the sector to meet the rising demand for locally manufactured products.
“The work being done by Fine Spinners is great, in that there is excess more than the demand we have in the country. We are currently having an import duty of almost 800 million dollars in terms of clothing.”
According to Bahati, “The government is keen on fostering a conducive environment for businesses like Fine Spinners Uganda Ltd to thrive by producing high-quality textiles that can compete with imports.”
“We not only reduce our reliance on foreign goods, but also create job opportunities for our citizens. We have also seen, what they can do in terms of import substitution and export promotion.”
Bahati explained that, “The strategy of import substitution means, whatever we are importing, has to be replaced by products from our local materials here.“
He also noted that the export promotion aspect of the President’s directive is vital for enhancing Uganda’s trade balance and boosting economic growth.
The government aims to encourage local businesses to explore international markets and increase exports of Ugandan products.
He stated, “Fine Spinners is one of those companies that is getting electricity at 5 cents, as part of the presidential directive of supporting large Uganda companies in export promotion.“
According to Nitin Arora, Fine Spinners (U) Ltd, Head of Marketing Department, Fine Spinners is the one converting cotton from Ugandan fields to fashion for the European market.
“We are adding a lot of value to cotton and converting it to finished garments that are being sold in Europe.“ Cotton and Textiles are known to have contributed to the boosting of economies of various countries including, India, China, Bangladesh among others. Uganda’s economy is now booming and cotton and textile play a pivotal role,” said Arora.
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