The Ugandan government is making big moves to strengthen the country’s trade sector. The Ministry of Trade, Industry, and Cooperatives has announced plans to set up a national Chamber of Commerce and a Cooperative Bank. These new institutions aim to make Ugandan businesses more competitive in regional and global markets while unlocking the country’s economic potential.

Minister Mwebesa Francis revealed the plans during the Trade Review Conference held in Munyonyo. The event brought together government officials, private sector leaders, and trade experts to discuss ways to improve Uganda’s trade performance. According to Mwebesa, the Chamber of Commerce and Cooperative Bank will play a key role in helping Ugandan businesses grow and access new markets.

“The Chamber of Commerce and Cooperative Bank will be central in boosting Uganda’s trade competitiveness and exploring new market opportunities,” Mwebesa said. He explained that the Chamber will act as a bridge between businesses and the government, helping traders navigate policies and expand their reach. Meanwhile, the Cooperative Bank will provide much-needed financial support to small and medium-sized businesses, farmers, and cooperatives, making it easier for them to access loans and grow their operations.

Gen. Wilson Mbasu Mbadi, the Minister of State for Trade, Industry, and Cooperatives, emphasized the need for a deeper understanding of Uganda’s trade dynamics. He said the government must implement smart policies and strategies to improve the country’s trade performance. “We need a comprehensive understanding of Uganda’s trade landscape and practical recommendations for necessary reforms,” Mbadi said. He added that Uganda must take advantage of regional trade agreements like the African Continental Free Trade Area (AfCFTA) to expand its market reach.

Anna Nambooze, Country Director of Trademark Africa, highlighted the importance of digital innovation and policy reforms in making Ugandan businesses more competitive. She noted that many traders still face challenges such as complex export procedures, high transport costs, and limited access to market information. Nambooze urged the government to invest in digital trade platforms that can simplify business processes and connect Ugandan traders to international buyers.

The conference also discussed Uganda’s ambitious Ten-Fold Growth Strategy, which aims to grow the country’s economy from $50 billion to $500 billion by 2040. This plan aligns with Uganda’s Vision 2040, which seeks to transform the nation into a modern, industrialized, and middle-income economy. To achieve this, the government is focusing on key sectors such as agriculture, manufacturing, and services, ensuring that they become more productive and competitive.

The proposed Chamber of Commerce is expected to support these efforts by providing training, market research, and advocacy for businesses. Many traders, especially small-scale entrepreneurs, struggle with a lack of information about export requirements and international standards. The Chamber will help bridge this gap by offering guidance on how to meet global trade regulations and access foreign markets.

Similarly, the Cooperative Bank will address one of the biggest challenges facing Ugandan businesses: access to affordable credit. Many small traders and farmers rely on informal lenders who charge high interest rates, making it difficult to grow their businesses. A dedicated Cooperative Bank will provide fair loan terms, helping businesses expand and create more jobs.

The government’s plans have been welcomed by business leaders, who say these initiatives are long overdue. Many hope that the new institutions will reduce bureaucracy, improve access to financing, and open up new opportunities for Ugandan products abroad. With proper implementation, these measures could significantly boost exports, increase foreign exchange earnings, and strengthen the economy.

However, some experts caution that success will depend on strong leadership and transparency. Past efforts to improve trade have sometimes been hampered by corruption and poor management. To avoid repeating these mistakes, the government must ensure that the Chamber of Commerce and Cooperative Bank operate efficiently and serve the needs of all businesses, not just a select few.

The Ministry of Trade is now working on the next steps, including drafting laws to establish the two institutions and securing funding for their operations. If all goes well, the Chamber of Commerce and Cooperative Bank could become operational within the next few years, marking a major milestone in Uganda’s trade development.

As Uganda pushes forward with these plans, the focus remains on creating a business-friendly environment that enables local companies to thrive. By strengthening trade policies, improving access to finance, and embracing digital solutions, the country is laying the foundation for sustainable economic growth. The success of these efforts will determine whether Uganda can truly compete on the global stage and achieve its Vision 2040 goals.

For now, traders and entrepreneurs are watching closely, hopeful that these new initiatives will unlock Uganda’s full trade potential and bring prosperity to businesses across the country.