President Yoweri Museveni has said Uganda has great potential in mineral exploration and development and only needs 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.
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.
Museveni was on Wednesday meeting Turkish investors introduced by the Turkish Ambassador to Uganda Fikret Kerem Alp and 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 involved in the construction of Uganda’s national industrial and business parks and agro-industrial business parks.
The company has already signed a letter of intent with government to explore investment opportunities in Uganda with 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 Turkish investors are interested in agro-industrial business including fruit and vegetable processing, cold stores, training centres and agro-industrial schools.
Uganda’s exports to Turkey increased by 30% in the first nine months of 2021, according to Amb. Fikret Kerem Alp
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 the president to be the official guest.