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President Museveni, Turkish Trade Minister discuss investments

Tuesday, 17th May 2022
President Yoweri Museveni met and held talks with the Deputy Minister of Trade of Turkey Mr. Riza Tuna Turagay with whom they discussed a range of business opportunities between the two countries at the sidelines of the ongoing Uganda-Turkey Investment, Trade and Tourism summit in Munyonyo Commonwealth Resort.
President Museveni informed the visiting Turkish Trade Minister that now Ugandans are waking up and engaging in agro production, the reason he wants more factories for value addition.

"For us we don't insist on ownership of factories, what is important is investing here. I don't care if they are owned by Turkey or they are ours. These companies create value for the locally produced products, they use our electricity, water and create employment," he said. 

The President appreciated the Turkey government for expressing interest in investing in Uganda adding that the concerned Ministries should speed up the process of signing a memorandum of understanding concerning Economic transformation, protecting and promoting investment among others. 

Minister Turagay said that his country is interested in investing in Uganda given its potential, adding, that Turkey has specialized in the production of textiles and industrial products. 

He said that they are currently enjoying a trade volume of US $ 70 million with Uganda and that they generate a total of US $ 225 billion per annum from its global exports. 

Over 90 Turkish companies were present at the summit. 

The President later met a number of Turkey based entrepreneurs especially who expressed interest in coming to Uganda to invest in the construction industry and technology among others. 

The meeting was attended by the Turkish Ambassador to Uganda, H.E Karem Alp, Minister of State for Foreign Affairs, Okello Oryem, that of Investment and Privatization, Hon. Evelyn Anite among others. 
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