Business
Migereko woos Turkish investors
Publish Date: Jun 09, 2014
Migereko woos Turkish investors
Housing minister Daudi Migereko
  • mail
  • img
newvision

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.

RELATED ARTICLES

President Museveni meets Turkish investors

Turkish company to build Ayago dam

Uganda warms up to a chance to tap into Turkish business success

Turkish-Uganda partnership starts

 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
UIA to host Kampala private equity and venture capitalist conference
Uganda Investment Authority (UIA) will host the first Kampala private equity and venture capitalist conference from 24th to 25th June 2015....
China
Li Hejun, the wealthiest man in China until this week, saw his fortune by as much as $15 billion in a half-hour as the stock in his company, Hanergy Thin Film Power Group, fell by nearly half....
BOU donates sh10m to charity
The Deputy Governor of the Central Bank, Dr. Louis Kasekende, has asked Ugandans to learn the virtue of sacrifice, which will subsequently help them to contribute to the betterment of the less-privileged persons in their immediate communities....
Banks target rural farming communities
High prospects in agriculture have started attracting commercial banks in the country to venture out to rural farming communities, where about 80% of the population remains unbanked....
Vivo Energy rewards best drivers
Vivo Energy Africa has rewarded drivers who have excelled in observing road safety rules....
SMEs
Small and Medium Enterprises (SMEs') have been urged to embrace business plans to encourage growth....
Should politicians be banned from addressing religious gatherings?
Yes
No
Can't Say
follow us
subscribe to our news letter