PS Ggoobi Calls On Turkish Investors To Eye Uganda’s Liberalised Economy and Ambitious Growth Plans

Uganda’s Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, has made a compelling pitch to Turkish investors, urging them to capitalise on the favourable investment climate flourishing in the East African nation.

Speaking under the auspices of the Ankara Chamber of Commerce, Ggoobi highlighted Uganda’s robust economic fundamentals and vast potential across key sectors.

During a recent visit to Turkey, PSST Ggoobi, accompanied by Uganda’s Ambassador to Turkey, Nusura Tiperu, engaged in high-level discussions with the Ankara Chamber of Commerce Board Chairman, @GurselBaran, and his team. The meeting served to deepen understanding of the myriad opportunities awaiting Turkish businesses in Uganda.

Ggoobi underscored Uganda’s unique appeal as an investment and tourism hub, citing its stable macroeconomic environment, a resilient currency, consistently high economic growth rates, and a readily available skilled labor force. Furthermore, he emphasized Uganda’s fully liberalized economy, which allows for 100% profit repatriation, a significant advantage for foreign investors.

With Uganda setting an ambitious goal to expand its economy tenfold to USD 500 billion by the year 2040, Ggoobi pointed to the immense opportunities within four priority areas, succinctly summarized as “ATMS”:

• Agro-industrial development: Tapping into Uganda’s rich agricultural resources to create value-added industries.
• Tourism development: Leveraging Uganda’s stunning natural beauty and diverse wildlife to attract international visitors.
• Mineral-based development: Including the burgeoning oil and gas sector, alongside other mineral resources.
• Science, Technology, and Innovation: Encompassing ICT and the vibrant creatives industry, fostering innovation and technological advancement.

The PSST’s visit signals Uganda’s proactive approach to attracting foreign direct investment, recognizing its crucial role in achieving the nation’s ambitious economic transformation goals. By engaging directly with influential business leaders like those within the Ankara Chamber of Commerce, Uganda aims to forge strong economic partnerships and unlock mutual prosperity.

The message to Turkish investors was clear: Uganda is open for business and ripe with opportunities for significant growth and return on investment.