Latest News Highlights

Improved Agro-Production Will Spur Trade, Development - President

Tuesday, 17th May 2022
President Yoweri Museveni has said that the NRM identified four principles that would enable Uganda to prosper and improve the welfare of Ugandans.

He was today speaking during the official opening of the two-day Uganda - Turkey Investment, Trade and Tourism summit 2022 at the Commonwealth Resort in Munyonyo.

"When NRM took power in 1986, it identified 4 principles, namely patriotism, pan Africanism, social economic transformation and democracy as the main channel of ensuring progress in Uganda. While practicing patriotism, one must love Uganda. While we progress with work we must think about the whole of Africa," he said.

The summit was organized under the President's guidance as part of efforts to boost economic ventures between Uganda and Turkey. President Erdogan of Turkey was represented by the Deputy Minister of Trade of Turkey Mr. Riza Tuna Turagay. A delegation of 94 investors from Turkey arrived last night to attend the summit held under the theme: Accelerating Investment, Trade, Industry and Tourism between Uganda and Turkey in a post-Covid Era.

Shortly after his arrival, President Museveni toured an exhibition that was staged by both Uganda and Turkey, with the main focus on agro processing, industries and the service sector. The President observed that business has been slow partly because of the traditional set up where families have been practicing subsistence agro production. He said that subsistence has been a big challenge for Africa's development.

He noted that Uganda has began to transform production since the Government has encouraged families living in rural areas to engage in commercial agriculture. 

He was pleased to note that the national literacy rate has increased to 77%. He assured the investors of masking profits when they invest in Uganda.

President Museveni said that one needs to produce goods and services in order to do business and that the Government has gone a long way in providing infrastructure, which is crucial in promoting agro-production. 

He urged them to engage in value addition with particular reference to agro processing which he described as profitable. He also informed them about the abundant opportunities in the processing of iron ore, phosphates, gold, copper and lithium. He assured them of the huge market for their goods in Africa and the United States of America where Uganda enjoys tax and quota free business facilities.

He reiterated that the production of goods and services is very easy because of the abundant resources available. He said that the Government has made a lot of progress in building roads, providing electricity, railway and telephone services.

The local investors led by the Maganjo grain millers pledged to do good work with the investors from Turkey.

The Deputy Minister of Trade of Turkey Mr. Riza Turagay said that his country 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. He said that they generate a total of US $ 225 billion per annum from its global exports. 

He informed President Museveni that they value Uganda's potential adding that this was the reason for them to have over 90 companies represented at the event. He described Uganda as the rising star in Africa.

The State Minister for Investment Evelyne Anite saluted President Museveni for maintaining peace and security in the country. She further thanked him for initiating the summit. 

She introduced Uganda's former Vice President Edward Sekandi and saluted him for transforming from politics and engaging in investment.  She introduced a range of Turkey investors who gave testimony over their successful ventures in Uganda.

She said that 25 industrial parks have already been marked, noting that Turkey would utilize one of them in Nakasongola. 

The Board Chairman of Uganda Investment Authority, Morisson Rwakakamba revealed that the Turkey Industrial Park would be launched on Friday, 13th May 2022.

The Uganda Ambassador to Turkey, Stephen Mubiru said that Turkey extended 300 scholarships to Uganda recently.

Source: PPU
Share
comments powered by Disqus

Highlights

President Museveni Woos India's Banana Stem Processor, 27th-May 2022

President Yoweri Museveni has pledged to provide land in Mbarara to prospective Indian Investors who are proposing to set up a factory that uses banana stems to produce a wide range of products including liquid fertiliser, thread, cloth and biogas among other things.

President Museveni Condoles with UAE Over the Demise of President Khalifa, 18th-May 2022

President Yoweri Museveni has today paid his respects and sent condolences to the people of United Arab Emirates upon the demise of their former leader, President Khalifa bin Zayed Al Nahyan.

Improved Agro-Production Will Spur Trade, Development - President, 17th-May 2022

President Yoweri Museveni has said that the NRM identified four principles that would enable Uganda to prosper and improve the welfare of Ugandans.
© 2022 Ministry of Foreign Affairs