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Monday, 22 July 2019

Tanzanian PM calls on Egypt’s business community to invest in Tanzania

Doaa A.Moneim , Tuesday 9 Jul 2019
Sahar Nasr
Egypt's Minister of Investment and International Cooperation Minister Sahar Nasr and the Tanzanian Prime Minister Kassim Majaliwa
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Tanzanian Prime Minister Kassim Majaliwa has called on the Egyptian business community to invest in Tanzania, saying they would benefit from the incentives the Tanzanian market offers relating to the tax umbrella, which has been improved to jump-start Tanzania's economy and trade.

Majaliwa made the comments during the opening of the Egyptian-Tanzanian Business Forum on Tuesday, which was attended by Minister of Investment and International Cooperation Minister Sahar Nasr.

Majaliwa praised the recent visits to Tanzania by Egyptian President Abdel-Fattah El-Sisi and Prime Minister Mostafa Madbouly, as well as visits by major investors from Egypt.

“Our policy now is to inform the Egyptian business community about the Tanzanian economy, which is projected to record a growth rate of 7.1 in 2019, and to call on Egyptian investors to invest in the agriculture sector due to [Tanzania's] fertile farmland where tropical crops such as tea, sugarcane and coffee are cultivated," he added.

During the forum, Investment Minister Nasr revealed that Egypt and Tanzania are both among the founders of the African Union (AU).

Nasr called on businesspersons from both sides to engage in more cooperation and deepen partnerships in ventures and development.

“Egypt has implemented significant reforms in its economy, encouraging all Egyptian businesspersons to inject more investments in the African continent in the fields of technology, the transfer of technical experience, employment and achieving water and food security for the continent's citizens,” Nasr highlighted.

In the same vein, Tanzanian ambassador in Cairo Eissa Mansour said that the joint forum aims to boost investment opportunities between the two countries and discuss the avenues of collaboration.

He added that the Tanzanian PM's visit to Cairo emphases the deep relations between the two countries.

Mansour said that 2018 witnessed a boost in relations following El-Sisi's visit to Tanzania, which culminated in the establishment of the Stigler George Dam with a capacity of 250 megawatts, positively impacting the Tanzanian economy. The ambassador added that EgyptAir is supporting Tanzanian tourism with two flights a week to Tanzania.

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