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Uganda: Bukenya Woos Turkish Investors
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New Vision (Kampala)
14 May 2008
Posted to the web 15 May 2008
Fortunate Ahimbisibwe
Istanbul
UGANDA will continue giving incentives to inventors to create more jobs, Vice-President Prof. Gilbert Bukenya told Turkish business people yesterday.
He noted that the Government would pass a new policy to stop the exportation of raw materials, which had caused loss of revenue.
"The policy is about adding value to our raw materials before export. We hope to do this by encouraging foreign investment."
Bukenya was speaking during the third Turkey-Africa Foreign Bridge in the capital, Istanbul. Turkey's foreign business association TUSKON invited over 10,000 business people from Africa, including about 50 Ugandans, to explore business opportunities in the country.
The vice-president, who is leading the Ugandan delegation, said the country was politically stable and provided a conducive environment for investors.
"Your money is safe in our country." Besides, he added, Uganda had not set a minimum wage, so investors have the opportunity to get back their money.
Bukenya later made a twenty minute presentation to about 20,000 Turkish businessmen.
His assurance that Uganda would continue giving a 10-year tax holiday to investors excited the audience. The TUSKON president, Rýzanur Meral, said Turkey was interested in helping Africa get out of poverty.
"It is true the West has been draining Africa but we think it is our time to give back to you.
"The best way to do this is to offer business opportunities so that there is more money flowing into your continent."
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The Turkish Association of Uganda which organised the trip will in October invite business people from their country to Uganda to study trade opportunities.
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