Uganda has called on Thai investors to tap into opportunities in agro-processing, mineral beneficiation, tourism, manufacturing and technology as the country pursues its ambition of becoming a US$500 billion economy by 2040.
The appeal was made by the Minister of Finance, Planning and Economic Development, Henry Musasizi, during the Uganda-Thailand Economic Networking Dinner held at the Mandarin Oriental Hotel in Bangkok, Thailand.
Musasizi urged investors to turn the longstanding friendship between Uganda and Thailand into increased investment, factories, jobs and export growth.
He highlighted opportunities in coffee processing, processed foods, pharmaceuticals, steel products, fertilisers, cement, meat and dairy processing, tourism and hospitality.
Uganda is also seeking to attract investment into mineral value addition, including the production of electric batteries from lithium, automotive steel and construction materials from iron ore, organic fertilisers from phosphates, and electrical conductors and battery components from copper and cobalt.
Musasizi said Uganda’s membership in the East African Community, with access to a market of about 530 million people, together with the wider African market under the African Continental Free Trade Area, provides investors with opportunities for regional and continental production.
He also highlighted government incentives, industrial parks, export free zones and ongoing investments in infrastructure, energy, irrigation, ICT and transport as measures aimed at reducing the cost of doing business.
The Minister further told investors that businesses can be registered within one day, foreign investors can own 100 percent of their investments and repatriate profits without restrictions.
