# Uganda economic and industrial development strategy > Live situation record from CLSTR: https://clstr.news/situations/uganda-economic-and-industrial-development-strategy > Updated: 2026-10-12T09:14:49.000Z. Sources: 7. Developments: 2. Uganda is pursuing a strategy of industrial and economic transformation centered on value addition and large-scale development financing. At the 15th Annual Mineral Wealth Conference, industry leaders and government officials advocated for a transition from raw mineral extraction to local processing. Specifically, stakeholders emphasized the need to process iron ore domestically to create a manufacturing value chain for steel products, thereby reducing import reliance and maximizing economic value within the country. To support broader economic goals, including an ambition to expand the economy from $50 billion to $500 billion by 2040, the government is implementing the Fourth National Development Plan (NDP IV). This plan targets sectors such as agro-industrialization, tourism, mineral development, and science and technology. Achieving these objectives requires an estimated $145.12 billion, prompting calls for financing reforms, increased domestic savings, and deeper capital markets to shift investment toward productive capacity rather than immediate consumption. ## Timeline ### 2026-10-12: Uganda seeks financing reforms to reach $500 billion economy by 2040 Uganda seeks to overhaul its development financing to grow its economy to $500 billion by 2040, focusing on agro-industrialization, tourism, minerals, and technology through the Fourth National Development Plan 5 sources. https://clstr.news/cluster/uganda-seeks-financing-reforms-to-reach-500-billion-economy-by-2040 ### 2026-10-03: Uganda industry leaders urge local mineral processing At the 15th Annual Mineral Wealth Conference, stakeholders urged Uganda to invest in local mineral processing and financing to build a domestic steel industry and capture greater economic value. 2 sources. https://clstr.news/cluster/uganda-industry-leaders-urge-local-mineral-processing --- Cite as: Uganda economic and industrial development strategy. CLSTR, https://clstr.news/situations/uganda-economic-and-industrial-development-strategy