Gov't To Inject shs 2 Trillions In UDC To Boost Industrialisation- PSST Ggoobi

The government of Uganda through Ministry of Finance Planning and Economic Development has said it will inject a total of shs 2 Trillion to Uganda Development Corporation (UDC) which is an investment arm of government to boost on industrialisation which will increase economic growth and Development.
The financial information was released by PSST Mr Ramathan Ggoobi while presiding over the 7th Economic Summit that was held at Serena hotel in Kampala on Tuesday. The summit which attracted several economists, Business people, CEOs among others was organised by Ministry of Finance and NTV, sponsored by Uganda Development CorporationUDC, Uganda Revenue Authority URA, Bank of Uganda, Stanbic Bank among others.
Mr Ramathan Ggoobi while giving his remarks said the Economic GDP of Uganda has expanded to USD 50bn totaling to shs 185 trillions as of June 2023 and is projected to expand to USD 55 bn.
The National Economist added that he is planning to inject a total of shs 2 trillions to (UDC) to boost industrialisation which will create Jobs, Market and increase export earnings which will help to expand economic growth and development. "We want to give UDC capital not funding," he said. He added that Initially UDC was getting shs 500bn but was increased to shs 1 trillion and was not enough and in the next financial year the capitalisation will be shs 2 trillions. "UDC has done a good job when it becomes to industrialisation, look at soroti fruit factory. UDC has improved it and now some private sectors want to buy shares and start making money," Says Ramathan Ggoobi.
He adds that the exports of goods and services have grown to USD 6.2 billion due to growth of industrialisation and the growth rate is 49%. "East Africa is the major destination of Uganda's exports  taking 40%, middle East 22% and Asia 20%," said  Ggoobi. He added that Tourism receipts recovered USD 1.07bn (4 trillion) while Ugandans working abroad have increased to USD 1.4bn and foreign direct investments have flowed in USD 2.5 bn (10.5 trillions).
Mr Ggoobi added that
Primarily, government must keep the macroeconomy stable as a top goal. When inflation rises to double digits, it raises the cost of living thus wiping out real incomes of the citizens. This undermines their other economic goals - growth, jobs, investment/business, wealth creation, and structural change. 
With more economic prosperity to an extended number of the citizens, Uganda will be able to overcome some socio-political challenges. For example, richer countries find it easier to achieve and sustain what some people are losing their voices debating.
Research shows that since 1946, 47 democracies have collapsed in poor countries. No democracy has ever fallen in a country with a per capita income higher than USD 6,055 Shs 22.6 million. He further said that "Countries takeoff when a bigger majority of their citizens start to think like economists," He stated adding that Economists think in three key ways:
1. Everything that we do affects everything else, hence we can only succeed if we develop the discipline of embracing trade-offs. 
2. People only respond to incentives or danger. 
3. Any action can bring with it significant unintended consequences. 
Economists look at those three things using three core tools - economic rationality, marginal analysis, and optimization. They believe that everywhere people try to make the optimal choice - they are optimizers - but they sometimes make mistakes. Government's main optimal task is to turn challenges into opportunities to improve people's lives.
Mr Denis Dokiria the spokesperson of UDC who also represented the ED Dr Patrick Birungi said  government has created a good working environment for private sectors. He says UDC was there before but was later removed and restored again in 2016. He added that since its establishment it has facilitated the private sector. "We are currently 16 private sector enterprises," said adding that among them are, tea growing, sugar sector, fruit processing, cotton growing, casava, mineral extractions,Road construction, tourism among others. "We invest most in agro manufacturing businesses because they create jobs direct and indirect," he says adding factory can employ 300 workers directly and also helps farmers to get market for their products. " UDC is looking forward to enhancing industrialisation to improve on exportation of goods and services, creation of jobs, market among others,"Says UDC boss. He further said that UDC also intends to expand industrialisation to all parts of the Country. He further urged government to give UDC capital not funding. "We request capitalisation from government not funding," he sounds adding it will help to speed up industrialisation.