Museveni pitches for investments in value addition as Turkey, Uganda boast of $71m trade volume

President Yoweri Museveni continues his message wooing foreign investors into Uganda. Earlier this month, the President addressed a gathering of business people at the Uganda – Turkey Investment, Trade, Industry and Tourism Summit 2022 in Uganda’s capital Kampala. The President pitched Uganda as the dream destination, explaining the immense potential he sees in value addition. Like on previous occasions, Mr Museveni listed a number of reasons why investors will reap big from putting their money here.  

“Investing in value addition here will reap profits, we have all conditions to facilitate that; 77% literacy rate, a robust young and trainable population, a unique climate,” he lists the benefits. 

The President also was quick to boast about his government’s efforts at cutting the red tape that investors previously faced when they attempted to set up shop in Uganda. “Thanks to the Uganda Investment Authority, it is now possible for investors to get their licenses in less than 24 hrs,” Mr Museveni stated. 

President Museveni has previously listed Uganda’s conducive environment, the vast chunks of fertile land as well as a stable political climate, plus a large continental market as incentives that investors needed to embrace. He reiterated this stating: “Uganda and Africa, in general, are so rich, everything is here. This is Paradise. Therefore, for investors who wish to tap into Uganda’s potential, this is the right place and it is the right time.”

In a tweet after the launch of the summit the President stated that relations between Uganda and Turkey were on the rise. “Trade volume between Uganda and Turkey increased to $71m (2021), up from US$63 million in 2020. In 2021 alone, Turkish exports to Uganda increased by 26% & Uganda’s exports to Turkey increased by 418%. We have so much capacity, what is disturbing us is mainly value addition.”

The Kampala summit was organized by Uganda’s Ministry of Finance, the Embassy of the Republic of Turkey and the Foreign Economic Relations Board of Turkey (DEik).

It was also graced by Turkey’s Deputy Minister of Trade Riza Turagay, who also stated that his country currently enjoys a trade volume of US $ 70 million with Uganda. He said that they generate a total of US $ 225 billion per annum from its global exports.

One thought on “Museveni pitches for investments in value addition as Turkey, Uganda boast of $71m trade volume

  1. As the region must make a commitment our daily growth and development in all sectors giving value of the present resources first, willing to sacrifice our pleasure as in the Great lakes region on Africa for more opportunities, priorities, common goals and valuing the Region

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