Speaking to the Deputy Minister of Trade of Turkey Riza Tuna Turagay, at the sidelines of the ongoing Uganda-Turkey Investment, Trade and Tourism summit at Munyonyo Commonwealth Resort, Museveni said companies irrespective of who owns them, are beneficial to the country’s economic transformation.
Uganda Turkiye Investment Trade, Industry and Tourism Summit 40
President Yoweri Museveni has said he doesn’t care who owns what
business in Uganda for as long as the businesses are generating revenue
for the country.
Speaking to the Deputy
Minister of Trade of Turkey Riza Tuna Turagay, at the sidelines of the
ongoing Uganda-Turkey Investment, Trade and Tourism summit at Munyonyo
Commonwealth Resort, Museveni said companies irrespective of who owns
them, are beneficial to the country’s economic transformation.
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 if they are ours.
These companies create value for the locally produced products, they use
our electricity, and water and create employment,” Museveni said, and
appreciated the Turkey government for expressing interest in investing
He added that the concerned
ministries should speed up the process of signing a Memorandum of
Understanding concerning economic transformation, protecting and
promoting investment among others.
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 trading volume of USD 70 million with Uganda and that they
generate a total of USD 225 billion per annum from its global exports.
90 Turkish companies were present at the summit. Museveni also met a
number of Turkey-based entrepreneurs especially those who expressed
interest in coming to Uganda to invest in the construction industry and
technology among others.
The summit was organized under the President’s
guidance as part of efforts to boost economic ventures between Uganda and
Turkey. It was attended by the Turkish Ambassador to Uganda, H.E
Karem Alp, Ministers of State for Foreign Affairs, Okello Oryem, and of
Investment and Privatization, Evelyn Anite.
Earlier, President Museveni said that the NRM identified four principles that would
enable Uganda to prosper and improve the welfare of Ugandans. They include patriotism, pan Africanism, social-economic transformation and democracy.