President Museveni arrived at the Uganda Manufacturers’ Association show grounds and his first act was a grand breaking ceremony for the construction of a memorial of Dr. James Mulwana and Mahindra Mehta, two of the association founders. Barbara Mulwana the Chairperson of the Uganda Manufacturers’ Association decried the high-interest rates charged by the commercial banks hindering the development of the manufacturing sector. “Given that we have the power to drive the industry in Uganda and we are very good taxpayers, bank players, loan players. We say that we really should see the advantage with our interest rates that speak to the development of our manufacturers.” Said, Barbara Mulwana – Chairperson, UMA.

President Museveni assured the manufacturers that the government planned to recapitalize the Uganda Development Bank to ease access to cheap credit. “This issue of borrowing at 24% is idiotic for manufacturing, it is not serious. We agreed that we put as much money as we can in UDB. I called the UDB man and I said I want to put 100 billion in your bank.”

Museveni also warned the Opposition against destabilizing the country during this economic take-off. “Illusions about disturbing the security of Uganda have to better forget. Nobody should try.” Amelia Kyambadde the Trade Minister pledged to follow up on the President’s promises. Museveni was officially opening the 25th International Trade Fare.