Museveni Attracts Turkish Investors To Uganda

Posted by: Kyeyune Andrew Jonathan in Economy March 10, 2022

President Museveni has indicated to Turkish investors that his country Ugandan has great potential in mineral exploration and development.

He added saying that the only thing needed now is investors they can partner with to refine and add value for export.

“We are very interested in mineral development. On the gold, we have our own but also because of the security exports have gone up in the region.

We have removed all taxes on refined minerals. If we can refine gold here, our people can benefit through making jewelry,” Museveni said.

Museveni also listed other priority minerals which included industrial steel, phosphates, copper, Tin, pharmaceuticals and agro-processing.

Additionally, Museveni said the country has high-grade iron-ore and only needs an integrated steel industry. However, currently, Uganda is importing steel from China which is very expensive.

On Wednesday, Museveni met Turkish investors introduced by the Turkish Ambassador to Uganda Fikret Kerem Alp. The investors included the Dog-Yap Insaat Tur.

Energi Ur a subsidiary of the Doganlar Yatirim Holding company led by the Vice President and Chairman of the DEIL Business Council Dogan Ali Dogan.

The company deals in retail, energy, construction and furniture. And is already in the construction of Uganda’s national industrial and business parks and agro-industrial business parks.

It also already signed a letter of intent with government which will see it explore investment opportunities in Uganda. It will also have an estimated value of US$125 million.

“Turkish companies can partner with us and process 100% and link with industries. The areas for investment opportunities are endless,” he said.

Turkish Ambassador to Uganda Fikret Kerem Alp said the interest of Turkish investors is agro-industrial business including fruit and vegetable processing, cold stores, training centres and agro-industrial schools.

In the first nine months of 2021, Ugandan exports to Turkey increased by 30%

The Minister of State for Finance in charge of Investment and Privatization Evelyne Anite also said Uganda will be hosting the Uganda-Turkey Investment Summit.

The summit will take place in Kampala this May and requested the president to be the official guest.

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