Experts call for strengthened industries, farmers’ productivity to drive Uganda’s tenfold economic growth.

The National Trade Review Conference 2026 is underway at Speke Resort Munyonyo from 4th to 5rh March 2026 under the theme: “Trade-Driven Transformation: Propelling Uganda to a $500B Economy by 2040.” 

According to experts, Uganda has demonstrated a possible tenfold growth through scaling up deliberately and strategically while multiplying productive sectors to remains firmly on course towards a US$500 billion economy by 2040.

 State Minister for Trade Gen. Wilson Mbasu Mbadi, said Uganda’s trade and industrial reforms have laid a firm foundation for achieving a USD 500 billion economy by 2040.

The Minister noted that the country has recorded historic export growth to over USD 13.4 billion, alongside expanded industrial capacity across the country. He highlighted strengthened quality and standards enforcement through the Uganda National Bureau of Standards, and enhanced export promotion efforts led by the Uganda Export Promotion and Free Zones Authority.

The Permanent Secretary Trade Minister Lynette B. Bagonza, emphasised that Uganda stands at a defining moment in its economic journey toward a $500B economy by 2040.

“Uganda’s economy grew by 6.1% in FY 2023/24, with inflation maintained at 3–5% and fiscal deficit reduced to around 5% of GDP, reinforcing macroeconomic stability as the foundation for trade expansion. Exports surged from $4.5B to $13.4B over the last five years, reflecting product diversification and improved market access. Imports (now about $15.7B) largely comprise machinery, fuel & industrial inputs, investments in future productive capacity” she said

She said that the challenges that still remain includes: having 72% of enterprises operatimg informally; limited value addition in coffee, cocoa & sugar; and global geopolitical tensions demand resilience through diversification.

“A $500B economy by 2040 won’t be achieved by policy statements alone. It will be achieved by the strength of our industries, productivity of our farmers & the ability of Ugandan goods to compete globally” she said 

Sekitoleko Victoria from the PSF Uganda urged the government to share information on current market availability, trade status, and favorable trading conditions instead of historical export data 

Under NDP IV & the Ten-Fold Growth Strategy, Uganda aims to raise manufactured exports from 19% to 50% by 2040, requiring stronger industry, logistics, regional value chains & private sector partnership.