President Samia Suluhu Hassan has wooed Omani investors to explore available opportunities in Tanzania in various sectors of economy, assuring them of reliable market, conducive investment environment and macro-economic stability.
In her address during the Oman-Tanzania Business and Investment Forum held recently at Hotel Al Bustan Palace in Muscat, Oman, Ms Samia assured the business community that there are vast opportunities in Tanzania which are yet to be tapped, coupled with a young population of semi-skilled and professional labour force.
“Tanzania has a lot to offer and we highly recognise the key role of investor in bringing about economic growth and employment,” she remarked.
The Tanzanian leader cited some of the priority areas in which Omani investors can explore in Tanzania as agriculture, tourism, fishing, real estate in addition to infrastructure development and transport sector.
Ms Samia added on the other hand that much as trade volume between the two countries was on the rise, trade balance is still in favour of Oman and yet Tanzania has the potential of bridging the gap by selling more products to the Gulf sultanate.
She assured potential Omani investors and business persons of reliable market on their investments in Tanzania, thanks to a sizable population of close to 300 million people within the East African Community and up to 450 million people in Southern African Development Community (SADC).
“When you invest in Tanzania there is also a market of about 1.3 billion people through the African Continental Free Trade Area (AfCFTA) with a combined GDP (gross domestic product) of about 3.2 US trillion dollars,” she told participants at the summit.
President Samia informed the delegates that the government of Tanzania has scrapped numerous nuisance taxes and undertaken various legal, policy and regulatory reforms aimed at attracting more investments in the country.
There are presently 62 projects registered by the Tanzania Investment Centre (TIC) from Oman with a combined volume of 308 US million dollars, which have created over 2,400 jobs in sectors such as agriculture, tourism, transport and infrastructure development, among others.
Ms Samia invited Omani investors in the hospitality industry, fishing in the deep seas as well as irrigation farming and processing of meat and fish products. “There are still many untapped opportunities in these areas, once these are utilised Tanzania can export more to Oman,” she pointed.
President Samia on the other hand admitted that there have been some challenges in the past, which have been frustrating investors including double taxation but vowed that her administration will see into it that such hindrances are addressed.
President Samia also expressed dissatisfaction with the low level of Tanzania’s exports to Oman, stressing that the East African nation has all it takes to increase the quantity of commodities to be sold to the Gulf nation.
“Trade balance is by far in favour 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 the year 2017 and 2021, trade volume between Tanzania and Oman stood at 112.3 million US dollars.
During the period under review, Tanzania’s imports from the Oman stood at 105 million US dollars while its exports was just 6.4 million US dollars.
President Samia cited lack of reliable marine transport between Tanzania and Oman as among factors which have hindered the former’s exports to the latter.
During the forum, Ms Samia witnessed signing of four MoUs between the government of Tanzania and Oman and four others between the private sector from the two countries.
The government-to-government agreements covered cooperation in oil and gas, natural resources and tourism as well as higher education.
For the private sector, the MoUs were on 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 collaboration between the National Ranching Company Limited (NARCO) of Tanzania and Basayyo Meat Company SAOC as well as MoU between Tanzania Horticultural Association (TAHA) and Oman Food Investment Holding Company.
For his part, Oman’s Minister of Commerce, Industry, and Investment Promotion, Mr Qais bin Mohammed Al Yousef, pointed to the fact that the pace of Tanzania over the past 20 years has been remarkable and of economic success stories.
“We are keen to discuss how we can collaborate to strengthen trade and investmenr ties for benefits of our people,” he noted.
The Omani minister was upbeat that there are opportunities to enhance trade between the two friendly countries given their deeper blood ties which dates back to the 19th century.
Meanwhile, before the business summit President Samia and His Majesty Sultan Haitham bin Tarik held an official session of talks at the Al Alam Palace.
The talks explored the strong bilateral relations binding the two countries and ways of elevating them to realise the aspirations of the Omani and Tanzanian peoples.
The two leaders also exchanged views on several matters of common interests.
