Uganda-Turkey Investment Summit to Attract over 600 Investors

The joint summit hosted by Uganda and Turkey to promote investment, trade, and tourism between the two countries will attract over 600 investors, officials said on Tuesday.

According to a joint statement from the Turkish Embassy, the Uganda Investment Authority (UIA), and the finance ministry, President Yoweri Museveni will grace the summit that "will attract over 600 investors carefully selected" by the aforementioned hosts who also include the Foreign Economic Relations Board of Turkey (Deik). 

The Summit will be crowned with the launch of the Uganda-Turkey Industrial Park and Trade Centre in Nakasongola which will be constructed through a partnership between the Uganda Investment Authority and the UPDF’s National Enterprise Corporation.

The event will be held on May 11 and 10 at Speke Resort Munyonyo in Kampala under the theme 'Accelerating Investment, Trade, Industry and Tourism between Uganda and Turkey in a post-Covid Era'.

Uganda and Turkey have enjoyed warm and cordial bilateral relations since 1969. These were further cemented with Turkey’s opening of a fully-fledged Mission in Kampala in 2010 and Uganda’s reciprocal opening of a Mission in Ankara in 2011.

Both countries are members of the Organization of Islamic Conference (OIC) and have implemented several joint projects in the Education, Agriculture value addition, Environment, Infrastructural Development, ICT and Construction spheres through the Turkish Cooperation and Coordination Agency (TIKA).

The trade volume between both countries increased to US$71 million in 2021, up from US$63 million in 2020. In 2021 alone, Turkish exports to Uganda increased by 26% and Uganda’s exports to Turkey increased by 418%.

"As a result of the continuous marketing initiatives and expositions organised in 2019, the trade and investment figures between the two countries registered steady growth to over 71M USD even during the pandemic," said Evelyn Anite, minister of state for Finance in charge of Investment and Privatisation on Tuesday.

UIA eyes attracting more Turkish companies and businesses to invest in different areas of the economy beyond their existing fields of operation, namely: education, infrastructure development and medicine.

Turkey also wants to offer a ready market for many Ugandan products including coffee, tea, handicrafts and processed fruits, among others.

On the side of tourism, the Summit is aimed at identifying, engaging and attracting new investment leads from Turkey and promoting Uganda as a preferred investment destination in Africa, as well as facilitating engagements between potential investors and Ugandan business people.

According to the joint statement, the specific objectives of the Summit are:

I. Establishment of a Uganda-Turkey Industrial Park and Trade Centre

II. Promote opportunities in the four priority sectors- Agriculture, Industries, Services and ICT

III. To promote Uganda’s access to the Turkish market- a population of 85 million, a GDP of 720 Billion USD and occupying a unique geographic position lying partly in Europe and partly in Asia- A bridge between the two continents

IV. To promote Uganda’s unique tourism and wildlife attractions for increased tourism receipts

V. To promote Uganda’s investment opportunities to Turkish potential investors and attract them into value addition in the Mining sector (For example Processing of Copper from Kilembe Mines to produce electricity cables, processing of Sukulu Phosphates in Tororo to produce fertilizers and processing Iron Ore in Muko- Kabale to produce high-grade steel.) We shall also promote investment in agriculture and agro-processing, Construction, Manufacturing and Energy

VI. To enhance bilateral relations between Uganda and Turkey

VII. To attract Turkish Contractors and financiers into Uganda’s infrastructure investments- roads, railways, energy generation and transmission and maritime sector

VIII. Provide opportunities for Joint Ventures, Partnerships and B2B linkages between Turkish and Ugandan Investors and businesses

IX. Promote the textile industry, and access to cheap machinery for fruit processing and other manufacturing.