Museveni calls for more Turkish investments in Uganda

Kampala, Uganda | THE INDEPENDENT | President Yoweri Museveni has called on Turkish investors to get more involved in Uganda’s nascent mineral sector for it to realise its full potential.

Museveni made the remarks while meeting Turkish investors led by the Turkish Ambassador to Uganda, Fikret Kerem Alp at State House Entebbe.

“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 jewellery,” he said.

The President said other priority minerals include industrial steel, phosphates, copper, tin, pharmaceuticals and agro-processing. “We have got high-grade iron ore and we need an integrated steel industry. We are now importing steel from China which is very expensive. We have some steel mills using recycled steel which is low quality. But we need strong steel for railways, dams etc,” he said.

Among the investors the president met include 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 involved in the construction of Uganda’s National Industrial and Business Parks and Agro-Industrial Business Parks.

The company has also already signed a letter of intent with the government to explore investment opportunities in Uganda with an estimated value of USD 125 million. “Turkish companies can partner with us and process 100 per cent and link with industries. The areas for investment opportunities are endless,” Museveni said.

For his part, Ambassador Kerem said Turkish investors are interested in the agro-industrial business including fruit and vegetable processing, cold stores, training centres and agro-industrial schools.

Uganda’s exports to Turkey increased by 30 percent in the first nine months of 2021, according to Kerem. The Minister of State for Finance in charge of Investment and Privatization Evelyne Anite said Uganda will be hosting the Uganda-Turkey Investment Summit in Kampala this May and requested that the president graces it.

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