Uganda Woos Thai Investors for Battery, Steel Manufacturing

What the report says

Uganda has stepped up efforts to attract Thai investors into manufacturing and mineral processing, with Finance Minister Henry Musasizi using a Uganda-Thailand business meeting in Bangkok to pitch opportunities in batteries, steel and other value-added industries. According to Nile Post, he urged investors to help turn Uganda’s mineral resources into higher-value products rather than exporting them in raw form.

The meeting, held at the Uganda-Thailand Economic Networking Dinner on October 12, focused on projects tied to Uganda’s wider industrialisation agenda. Musasizi pointed to possible production of battery components from lithium, automotive steel from iron ore, and electrical conductors from copper and cobalt. He also highlighted other sectors open to investment, including coffee processing, pharmaceuticals, fertiliser, cement, meat and dairy processing, tourism and hospitality.

The report says the government is linking these plans to its Tenfold Growth Strategy and a longer-term target of reaching a US$500 billion economy by 2040. Permanent Secretary and Secretary to the Treasury Ramathan Ggoobi said exports and foreign direct investment have been rising, and described industrialisation, tourism, minerals, oil and gas, and science and innovation as key growth drivers.

Uganda is also offering incentives such as industrial parks, export processing zones and faster business registration, while promoting its access to regional markets through the East African Community and the African Continental Free Trade Area. Thai officials at the event signaled interest in stronger economic ties, and Uganda’s envoy in Thailand also called for deeper cooperation.