Business
Migereko woos Turkish investors
Publish Date: Jun 09, 2014
Migereko woos Turkish investors
Housing minister Daudi Migereko
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High population growth has caused shortage of housing facilities in the country, housing minister Daudi Migereko has said.

Uganda’s population growth stands at 3.2% per year, among the highest in the world. Uganda’s current population is 35 million people.

“As government, this is a big challenge because we must provide shelter and income to our people,” Migereko said.

He was addressing investors from Turkey at the Source of the Nile Hotel in Jinja.

The team, which was led by the chairperson of the Turkish community in Uganda, Ibrahim Bicakcl and Uganda’s consul to Istanbul Dr. Mustafa Gunay, comprised of engineers in industrial construction, roads and dams.

Migereko said Uganda’s fast growing population creates an opportunity in the housing industry.

He said the country’s urban growth stands at 5.2% per annum, which has led to a deficit of 1.6 million housing units to accommodate the people.

“We need houses for public servants. Where there is a school or health unit, we need accommodation for the staff,” he said.

The minister said housing and real estate currently contributes 5% to Uganda’s GDP.

“It is always good to have a problem and hear that somebody is ready to provide a solution. The performance of the economy is steadily improving and the population has the capacity to pay rent and purchase houses,” he told investors.

Migereko urged the investors to also venture into Uganda’s vast minerals industry to produce construction materials such as marble, iron and sand for production of tiles, steel and sheet glass.

He noted that this will bring down the cost of the materials on the market.

“If you are going into massive construction, it is better to have home made products as the cost for tiles alone is high and they are too heavy and bulky,” he said.

Later, the delegation went for a boat cruise at the Source of River Nile before they were hosted for a luncheon at the Somali mission commercial attaché in Uganda, Musa Bashir’s residence in Jinja.

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