Finance Minister Henry Musasizi has invited Thai investors to process Uganda’s minerals into higher-value industrial products as the country pursues its US$500 billion economy target.
Uganda is seeking Thai investment in battery manufacturing, steel production and mineral processing as the government steps up efforts to turn its natural resources into higher-value products instead of relying on raw material exports.
Finance Minister Henry Musasizi made the pitch at the Uganda-Thailand Economic Networking Dinner in Bangkok on October 12, identifying opportunities to manufacture battery components from lithium, automotive steel from iron ore and electrical conductors from copper and cobalt.
The proposed investments form part of Uganda’s ambition to grow its economy to US$500 billion by 2040 through industrialisation, export expansion and increased domestic production under the government’s Tenfold Growth Strategy. <Cite refs={["turn469694search0","turn469694search7"]} />
Musasizi said Uganda wanted to draw on Thailand’s experience in agro-processing, food exports, tourism and high-tech manufacturing to expand its industrial base, create jobs and increase export earnings.
“Together, let us turn the friendship between our two countries into factories, export growth, jobs and shared prosperity,” Musasizi said.
Beyond minerals, Uganda is seeking investment in coffee processing, pharmaceuticals, fertiliser production, cement, steel products, meat and dairy processing, tourism and hospitality.
The government is also promoting the manufacture of organic fertilisers from phosphates and construction materials from iron ore, positioning the country’s mineral deposits as inputs for domestic manufacturing.
The investment drive comes as Uganda seeks to diversify its exports and retain more value from the goods it produces.
Permanent Secretary and Secretary to the Treasury Ramathan Ggoobi told the meeting that Uganda’s exports of goods and services had risen to US$18.4 billion, representing annual growth of 34%. He also reported foreign direct investment inflows of US$3.7 billion in 2025.
Ggoobi said the economy grew by 6.4% in the 2025/26 financial year and projected growth of 10.2% in 2026/27.
He attributed the expected acceleration to the government’s Tenfold Growth Strategy, which prioritises agro-industrialisation, tourism, mineral development, oil and gas, and science, technology and innovation.
Ggoobi also said Uganda had added 31 new export products over the past 15 years, generating about US$333 million annually.
Uganda is presenting its access to the East African Community market and the wider African market under the African Continental Free Trade Area as an opportunity for Thai manufacturers seeking regional production bases.
Musasizi said the government was offering fiscal incentives, industrial parks and export processing zones to attract investors, alongside investments in energy, transport, irrigation and information and communication technology.
He added that investors could register businesses within one day, own 100% of their investments and repatriate profits without restrictions.
These measures are intended to make Uganda a base for manufacturing and regional trade while encouraging investors to establish production facilities locally.
Thailand’s Ministry of Foreign Affairs, represented by Director General Urasa Mongkolnavin, reaffirmed the importance of stronger economic cooperation between the two countries.
“Let us continue to build a bond of friendship between our two countries,” Mongkolnavin said, adding that Asia was not far from Africa.
Uganda’s High Commissioner to Thailand, Betty Bigombe, also called for deeper engagement between the two countries.