The Presidential Export Award (PEA), an annual event that recognises the best performing exporters in the country and appreciate their contribution to national economic development, will take place on tomorrow at the Imperial Royale Hotel Kampala.

A total of 53 companies will this year be recognised by the PEA. State Minister for Trade Mr Gagawala Wambuzi said the upcoming event will recognise the best 2007 performers.

"Due to the ever changing global dynamics, for an enterprise to survive and remain competitive, it has to be innovative by bringing new products in the market to meet the changing needs of customers," Mr Wambuzi said.

"In order to survive and compete, enterprises have to add value to their products and ensure that the perceived value of their products and ensure that the perceived value of their products is worth the price," he added.

The PEA is one of President Yoweri Museveni's initiatives that are meant to encourage the growth of an export economy. Mr Museveni who doubles as the patron, as well as the chief guest will grace the award event.

Uganda Export Promotion Board (UEPB) Deputy Executive Director Mr Ben Naturinda, said the event is significant to the exporters and will help shape the export policy and drive Uganda's competitiveness.