The Permanent Secretary and Secretary to the Treasury (PSST), Dr. Ramathan Ggoobi, has reaffirmed the Government of Uganda’s commitment to supporting industrialization, private sector investment, and job creation as part of efforts to achieve sustainable economic transformation.

Dr. Ggoobi said the government’s Tenfold Growth Strategy is aimed at building a US$500 billion economy by 2040, with industrial development and private sector participation playing a key role in driving economic growth.

The PSST made the remarks while visiting Staunch Machinery Factory at the Kampala Industrial and Business Park in Namanve. He was accompanied by the Acting Director Economic Affairs, Moses Kaggwa, and other government officials.

Staunch Machinery Company was founded by Mohammed Khoder Hussein, who serves as the company’s Chief Executive Officer (CEO) and Honorary Consul of Uganda to Lebanon.

The company specializes in manufacturing agricultural equipment, power generators, medical refrigeration and cooling equipment, office and accommodation units, and construction equipment.

During the visit, Dr. Ggoobi commended Staunch Machinery for contributing to Uganda’s industrialization agenda through the production of agricultural machinery, including tractors, construction equipment, and energy solutions that support private sector activities and public service delivery.

He encouraged the company to continue expanding its operations and invited more investors from Lebanon and other parts of the world to explore investment opportunities in Uganda.

Dr. Ggoobi said Uganda provides a favorable investment environment supported by a stable political and economic climate. He added that Uganda is among the fastest-growing economies and offers attractive returns for investors.

The PSST emphasized that Uganda’s economy is private sector-led, with liberalized markets that enable investors to conduct business, access foreign exchange, and repatriate profits without restrictions.

He also highlighted the availability of tax and non-tax incentives for investors while acknowledging feedback from the company on challenges affecting the implementation of some incentives, especially those related to taxation.

Mohammed Khoder Hussein shared his 15-year experience operating in Uganda and said he has attracted several investors from Lebanon and other countries to explore opportunities in the country.

He noted that Uganda’s investment environment continues to provide opportunities for industrial growth and international partnerships.