source photo: UIA
HIS EXCELLENCY THE PRESIDENT YOWELI KAGUTA MUSEVENI was the Chief guest at the summit
The investment , industry and tourism summit which took place from 12 to 13 May 2022 between Uganda and Turkey was attended by the Ministry of Finance, Planning and Economic Development from the Uganda Investment Authority, the Embassy of the Republic of Turkey, the Foreign Economic Relation Board of Turkey and the Uganda Turkey Investment Trade Industry and Tourism as well as 600 investors carefully selected.
Uganda- Turkey trade relations started in 1969 when Turkey opened a fully fledged Mission in Kampala 2010 and Uganda opened a Mission in Ankara 2011. Both countries are members of the Organization of Islamic Conference {OIC} and have implemented several joint projects in Education, Agriculture , Environment, Infrastructural Development, ICT, as well as the construction spheres through the Turkish Cooperation and Coordination Agency (Tika). As a result of these and others efforts, the trade volume between both courtiers 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$. The result of continuous marketing initiatives and exhibitions organized in 2019, the trade and investment figures between the two countries registered a steady growth up to over 71 million (?) US dollars even during the pandemic
As the theme of this year’s says that summit will be accelerating investment, trade industry and tourism between Uganda and Turkey in the past COVID 19 era. tThe Uganda Investment Authority is therefore keen to attract more Turkish companies and business to invest in different areas of the economy beyond their existing field of operation namely: education, infrastructures development and medicine. Turkey is happy to offer a ready market for many Ugandan products including, among others, coffee, tea, handicrafts and processed fruits .
The Uganda -Turkey summit of 2022 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 Uganda business people.
The Summit included the following objectives:
- To improve bilateral relations between Uganda and Turkey and promote Uganda’s access to the Turkish market- a population of 85 Million,
- To Promote Uganda’s special tourism and wildlife attractions for increased tourism receipts and the establishment of Uganda-Turkey Industrial Park and Trade Centre
- To promote opportunities in agriculture, industries, and access to cheap machinery for fruit processing and other manufacturing and ICT
The conference showcased the diverse investment opportunities in Uganda’s key sectors such as manufacturing, industrial parks, mineral beneficiation, agricultural value addition and tourism.
Sources: NTV News
