President Yoweri Museveni sitting in one of the electric bussesGovernment has committed to finance the recapitalization of Kiira motors vehicle manufacturing plant with 143 Million USD (UGX 499.48bn).This commitment was made by President Yoweri Museveni after commissioning the Jinja district’s based Kiira MVP on Friday.His commitment was made in response to the plant’s CEO, Paul Musasizi who informed him on how KMVP had overtime birthed a series of new industries to meet the automobiles value chain required in the manufacturing of busses.Musasizi describes some of these industries as largely in the area of steel and tube, leather, among others, which goes a long way in enabling their local content sourcing to a tune of 65% by 2030.Musasizi notes that, under its current state, the plant employs over 407 direct workers, whose professional skills in wielding, painting, marketing, administration, among others to contribute to tremendous growth and sustainability.Musasizi went on to inform Museveni that, they have a capacity of producing 11 buses on a daily basis, which in turn translates to 2500 big vehicles annually.He says that, with increased funding, they can expand the plant to produce up to 10,000 busses annually, a figure which will create more jobs for the young people.In response Museveni expressed gratitude over what seemed like a small dream from young student researchers at Makerere university, resulting into the biggest electric vehicle manufacturing plant in Africa.Museveni noted that, he will be liaising with Ministry of finance to ensure release of funds to facilitate more progressive works in elite manufacturing venture of electric vehicles.Museveni also revealed that, a number of investors have expressed interest in the country’s automobiles industry.H.E. Yoweri Museveni holds a prototype Kiira EV bus as the Kiira motors cooperation CEO, Mr. Paul Musasizi explains to him some of their strides in manufacturing vehicles.In this Museveni implies that, the investments required in enabling local sourcing of materials and reducing on the cost of manufacturing using imported materials shall be financed by investors, whom he credits for having envisioned the underlying growth in the country’s automobiles industry.Museveni also noted that, Kiira plant relies mostly on steel in the course of manufacturing electric vehicles, however, most of the steel products sourced locally are manufactured from scrap materials, arguing that, this lowers the quality of steel products.Museveni says that, there are plans of manufacturing steel from the country’s iron ore deposits, which will translate into the manufacture of durable steel products, suitable for motor vehicle manufacturing.The Minister of science and technology, Monica Musenero says that, through government financing they have managed to fully complete the Kiira plant in a period of four years.Musenero says that, the plant is located on a 100-acre piece of land and there are plans of expanding it to realize more underlying opportunities for innovators to fit within the automobiles value chain.Musenero also noted that, they have received support from some government agencies and institutions like Makerere university, Civil Aviation authority, among others, arguing that, such responsiveness creates demands for their products both locally and internationally.-URNThe post Gov’t To Recapitalize Kiira Motors With UGX499bn As Uganda Moves To Produce 10,000 Buses Annually appeared first on Business Focus.