Uganda Courts Thai Investors to Drive Industrial Growth

Uganda is seeking to attract Thai investors into agro-processing, mineral beneficiation, manufacturing, tourism and technology as the country accelerates its ambition to build a US$500 billion economy by 2040.

The call was made by Finance Minister Henry Musasizi during the Uganda-Thailand Economic Networking Dinner held on Monday, October 12, 2026, at the Mandarin Oriental Hotel in Bangkok, Thailand.

Musasizi urged Thai investors to take advantage of Uganda’s natural resources, investment incentives and access to regional markets to establish industries that can create jobs, expand exports and strengthen domestic production.

“Together, let us turn the friendship between our two countries into factories, export growth, jobs and shared prosperity,” Musasizi said.

He highlighted investment opportunities across 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 seeking to transform its mineral resources into higher-value manufactured products. Musasizi pointed to opportunities for electric battery production using lithium, steel and construction materials from iron ore, fertilisers from phosphates, and electrical conductors and battery components from copper and cobalt.

He said Uganda’s position within the East African Community (EAC), with a market of approximately 530 million people, and access to wider African markets through the African Continental Free Trade Area (AfCFTA) provide Thai investors with opportunities to establish production facilities serving regional and continental markets.

The government is promoting industrial parks, export free zones and fiscal incentives while investing in infrastructure, energy, irrigation, information and communication technology, and transport to reduce the cost of doing business.

According to Musasizi, investors can register businesses within one day, own 100 per cent of their investments and repatriate profits without restrictions.

The Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, presented Uganda’s economic performance and expanding export base as further evidence of the investment opportunities available.

He said the economy grew by 6.4 per cent in the 2025/26 financial year, while exports of goods and services increased to US$18.4 billion, representing annual growth of 34 per cent. Foreign direct investment inflows reached US$3.7 billion in 2025, while tourism receipts rose to US$1.62 billion.

Ggoobi also noted that Uganda had added 31 new export products over the past 15 years, generating approximately US$333 million annually and contributing to the diversification of the country’s export base.

Economic growth is projected to accelerate to 10.2 per cent in the 2026/27 financial year, supported by the government’s Tenfold Growth Strategy, which prioritises 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 the two countries.

The engagement forms part of Uganda’s broader economic and commercial diplomacy efforts to attract investment, increase tourist arrivals, expand export markets and promote value addition.

Uganda is seeking to leverage its agricultural and mineral resources to build a stronger industrial base, with the government looking to attract foreign partners capable of establishing production facilities, creating jobs, and supplying goods to domestic and international markets.