Business
Minister Musasizi woos Thai investors in Bangkok
Musasizi said Uganda is seeking to build on Thailand’s experience in agro-processing, food exports, tourism and high-tech manufacturing to expand production, create jobs and increase export earnings.
Finance minister Henry Musasizi poses for a group photo with Thai investors on Monday (October 12) during the Uganda-Thailand Economic Networking Dinner at the Mandarin Oriental Hotel in Bangkok, Thailand. (Courtesy)
By: Umar Kashaka, Journalist @New Vision
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Finance minister Henry Musasizi has rallied Thai investors to set up businesses in Uganda across different sectors of the economy.
He made the call on Monday (October 12) during the Uganda-Thailand Economic Networking Dinner at the Mandarin Oriental Hotel in Bangkok, Thailand.
In a statement from the finance ministry, Musasizi asked the Thai investors to come to Uganda and tap into opportunities in agro-processing, mineral beneficiation, tourism, manufacturing and technology as Uganda accelerates its drive towards a $500b (sh2,082 trillion) economy by 2040.
Musasizi said Uganda is seeking to build on Thailand’s experience in agro-processing, food exports, tourism and high-tech manufacturing to expand production, create jobs and increase export earnings.
“Together, let us turn the friendship between our two countries into factories, export growth, jobs and shared prosperity,” the minister said
He highlighted investment opportunities across the agricultural and industrial value chains, including coffee processing, processed foods, pharmaceuticals, steel products, fertilisers, cement, meat and dairy processing, tourism and hospitality.
Uganda is also positioning its mineral resources as a foundation for higher-value manufacturing.
Musasizi identified opportunities to produce 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.
He said Uganda’s position within the East African Community, with a market of about 530 million people, together with access to the wider African market through the African Continental Free Trade Area, provides Thai investors with a strong platform for regional and continental production.
Uganda is further strengthening the investment environment through fiscal incentives, industrial parks and export free zones, while investments in infrastructure, energy, irrigation, Information and Communication Technology and transport continue to reduce the cost of doing business.
Musasizi said investors can register businesses within one day, own 100% of their investments and repatriate profits without restrictions.
He highlighted investment opportunities across the agricultural and industrial value chains, including coffee processing, processed foods, pharmaceuticals, steel products, fertilisers, cement, meat and dairy processing, tourism and hospitality.
Uganda is also positioning its mineral resources as a foundation for higher-value manufacturing.
Musasizi identified opportunities to produce 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.
He said Uganda’s position within the East African Community, with a market of about 530 million people, together with access to the wider African market through the African Continental Free Trade Area, provides Thai investors with a strong platform for regional and continental production.
Uganda is further strengthening the investment environment through fiscal incentives, industrial parks and export free zones, while investments in infrastructure, energy, irrigation, Information and Communication Technology and transport continue to reduce the cost of doing business.
Musasizi said investors can register businesses within one day, own 100% of their investments and repatriate profits without restrictions.
The statement also said the ministry’s Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, presented Uganda’s economic performance and the expanding export base as further evidence of the opportunities available to investors.
He said the economy grew by 6.4% in the financial year 2025/26, while exports of goods and services rose to $18.4b, representing annual growth of 34%. Foreign direct investment inflows reached $3.7b in 2025, while tourism receipts increased to $1.62b.
Ggoobi also noted that Uganda has added 31 new export products over the past 15 years, generating about $333m annually, reflecting growing diversification of the country’s export base.
He said economic growth is projected to accelerate to 10.2% in the financial year 2026/27, supported by the Government’s Tenfold Growth Strategy and investments in agro-industrialisation, tourism, minerals and oil, and science, technology and innovation.
Thailand’s Ministry of Foreign Affairs, represented by Director General Urasa Mongkolnavin, reaffirmed the importance of strengthening bilateral cooperation.
“Let us continue to build a bond of friendship between our two countries,” Mongkolnavin said, adding that Asia is not far from Africa.
Uganda’s High Commissioner to Thailand, Betty Bigombe, also called for deeper engagement between Uganda and Thailand. The engagement is part of Uganda’s broader economic and commercial diplomacy efforts to attract investment, tourists, expand export markets, promote value addition and strengthen partnerships that support industrialisation and job creation.
He said the economy grew by 6.4% in the financial year 2025/26, while exports of goods and services rose to $18.4b, representing annual growth of 34%. Foreign direct investment inflows reached $3.7b in 2025, while tourism receipts increased to $1.62b.
Ggoobi also noted that Uganda has added 31 new export products over the past 15 years, generating about $333m annually, reflecting growing diversification of the country’s export base.
He said economic growth is projected to accelerate to 10.2% in the financial year 2026/27, supported by the Government’s Tenfold Growth Strategy and investments in agro-industrialisation, tourism, minerals and oil, and science, technology and innovation.
Thailand’s Ministry of Foreign Affairs, represented by Director General Urasa Mongkolnavin, reaffirmed the importance of strengthening bilateral cooperation.
“Let us continue to build a bond of friendship between our two countries,” Mongkolnavin said, adding that Asia is not far from Africa.
Uganda’s High Commissioner to Thailand, Betty Bigombe, also called for deeper engagement between Uganda and Thailand. The engagement is part of Uganda’s broader economic and commercial diplomacy efforts to attract investment, tourists, expand export markets, promote value addition and strengthen partnerships that support industrialisation and job creation.