By Damali Mukhaye
Government has revealed that one million jobs will be created in the next financial year, through foreign and domestic direct investments.
Reading the 2021/22 financial year’s budget at Kololo Ceremonial Grounds this afternoon, the newly appointed state finance minister in charge of planning Amos Lugoloobi said applied research in science, technology and innovation are key to industrialization and socio-economic transformation.
He said to further support advancement in scientific research and innovation, the construction of the National Automotive Park will commence next year.
He added that, in order to promote investment, the foreign and domestic direct investment will be facilitated. He says this will increase value addition, as well as enabling technology and knowledge transfer.
He says that as a result, 350,000 direct jobs and 650,000 indirect jobs are expected to be generated and 23 regional Industrial Business Parks across the country will be established.
Over Shs 358billion has been allocated in next year’s budget for innovation and technological development out of the total of Shs44 trillion budget.