Tanzania: President Samia – Why invest in Tanzania

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PRESIDENT Samia Suluhu Hassan wooed Omani investors to explore the opportunities available in Tanzania in various sectors of the economy, assuring them of a reliable market, conducive investment environment and macro-economic stability.

In her remarks at the Oman-Tanzania Business and Investment Forum held yesterday at the Al Bustan Palace Hotel in Muscat, Oman, Ms. Samia assured the business community that there are vast opportunities in Tanzania which remain to be exploited, associated with a young population of semi-skilled and professional labour.

“Tanzania has a lot to offer and we highly recognize the key role of investment in economic growth and employment,” she remarked.

The Tanzanian leader cited some of the priority areas where Omani investors can explore in Tanzania such as agriculture, tourism, fisheries, real estate in addition to infrastructure development and transport sector.

Ms. Samia further added that even though the volume of trade between the two countries is on the rise, the balance of trade is still in favor of Oman and yet Tanzania has the potential to close the gap by selling more products. in the Gulf Sultanate.

It has ensured potential investors and Omani businessmen a reliable market for their investments in Tanzania, thanks to a large population of almost 300 million people within the East African Community and up to to 450 million people in the Southern African Development Community (SADC).

“When you invest in Tanzania, there is also a market of around 1.3 billion people through the African Continental Free Trade Area (AfCFTA) with a combined GDP (gross domestic product) of around $3.2 trillion. US dollars,” she told summit attendees.

President Samia informed delegates that the Tanzanian government had removed many harmful taxes and undertaken various legal, policy and regulatory reforms aimed at attracting more investment to the country.

There are currently 62 projects registered by Oman’s Tanzania Investment Center (TIC) with a combined volume of US$308 million, which have created over 2,400 jobs in sectors such as agriculture, tourism, transportation and infrastructure development, among others.

Mrs. Samia invited Omani investors in the hospitality industry, deep-sea fishing as well as irrigated agriculture and the processing of meat and fish products. “There are still many untapped opportunities in these areas, once they are tapped, Tanzania will be able to export more to Oman,” she pointed out.

President Samia, on the other hand, admitted that there have been some challenges in the past, which have frustrated investors, including double taxation, but pledged that her administration will ensure that these hurdles are addressed.

President Samia also expressed his displeasure with Tanzania’s low level of exports to Oman, pointing out that the East African nation has everything it needs to increase the amount of produce for sale to the South African nation. Gulf.

“The balance of trade is by far in favor of Oman, but the level of trade can be raised and Tanzania can export more to Oman,” Ms. Samia remarked.

According to President Samia, between 2017 and 2021, the trade volume between Tanzania and Oman stood at US$112.3 million.

During the period under review, Tanzania’s imports from Oman amounted to US$105 million while its exports were only US$6.4 million.

President Samia cited the lack of reliable shipping between Tanzania and Oman among the factors that have hampered exports from the former to the latter.

During the forum, Ms. Samia witnessed the signing of four memorandums of understanding between the government of Tanzania and Oman and four others between the private sector of the two countries.

Government-to-government agreements covered cooperation in oil and gas, natural resources and tourism, and higher education.

For the private sector, the MoUs covered cooperation between Kilimanjaro Airports Development Company (KADCO) and Oman Airport Management, in addition to cooperation between Zanzibar Investment Promotion Authority (ZIPA) and Oman Investment Authority.

The MoUs also covered the collaboration between the National Ranching Company Limited (NARCO) of Tanzania and Basayyo Meat Company SAOC as well as the MoU between the Tanzania Horticultural Association (TAHA) and Oman Food Investment Holding Company.

For his part, Oman’s Minister of Trade, Industry and Investment Promotion, Mr. Qais bin Mohammed Al Yousef, underscored that Tanzania’s pace over the past 20 years has been remarkable. and economic successes.

“We look forward to discussing how we can work together to strengthen trade and investment ties for the benefit of our people,” he noted.

The Omani minister said he was optimistic that there are opportunities to improve trade between the two friendly countries given their deeper blood ties that date back to the 19th century.

Meanwhile, ahead of the business summit, President Samia and His Majesty Sultan Haitham bin Tarik held a formal talks session at Al Alam Palace.

The talks explored the strong bilateral relations that bind the two countries and ways to elevate them to fulfill the aspirations of the Omani and Tanzanian peoples.

The two leaders also exchanged views on several topics of common interest.

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