DAR ES SALAAM, Oct 20 (NNN-DAILYNEWS) — TRADERS and investors from Tanzania and the US are expected to reap more from the signing of a Memorandum of Cooperation (MoC) for a Commercial Dialogue which is aimed at boosting business relationship between the two countries.
The MoC, signed on Thursday in Dar es Salaam by the Minister for Industries and Trade Dr Ashatu Kijaji and the US Embassy in Tanzania, will allow the penetration of local businesses in the US markets, hence leading to economic development of traders and investors.
“This commercial dialogue agreement will boost commercial and investment relationship between the two countries,” said Dr Kijaji.
According to minister, the agreement focused on several areas including the digital economy, market access, regulatory and business climate reforms, as well as trade mission. She added that various areas will be added in the near future.
Dr Kijaji said the agreement is the continuation of the government’s initiative of creating conducive environment for both foreign and local investors.
“In March, this year, we were visited by US Vice- President, Kamala Harris, during which, among other issues highlighted, was extension of business cooperation between the two countries. Today’s event is just an implementation,” she added.
She stressed that the business between the two countries had not been quite impressive compared to the number of opportunities available, saying the MoC would open up and enhance more business opportunities.
Business portfolio between the two nations, shows Tanzania’s exports to the US were valued at 74.5 million US dollars (some 186.3bn/-) while imports were 93.7 million US dollars (234.7bn/-).
For his part, the US Ambassador to Tanzania, Michael Battle said the commercial dialogue was a demonstration of the importance that the two governments placed on growing the trade relationship and it underscored the pivotal roles of the public and private sectors in deepening the trade relationship.
“This agreement will ensure that our companies will play a significant role by providing input and advice on how the two governments prepare, assist and bolster the private sector to expand and conduct trade,” he said.
The US-Tanzania bilateral relationship is broad and wide-ranging since the US invests in the people of Tanzania through engagement in health and education.
“US is the number one source of tourists to Tanzania outside of Africa. Our companies are exporting high-quality goods that are improving the lives of Tanzanians all over the country,” he noted.
Battle added that through meetings, there were chances for face-to-face dialogue with both public and private stakeholders which gives the government tools to effectively identify business challenges and implement solutions. — NNN-DAILYNEWS
