DAR ES SALAAM, July 4 (NNN-DAILYNEWS) — MOZAMBIQUE President Filipe Nyusi has outlined four critical areas aimed at enhancing trade and investment between Tanzania and Mozambique and emphasized the potential for both countries to leverage opportunities presented by the African Continental Free Trade Area (AfCFTA).
Speaking at the opening of the 48th Dar es Salaam International Trade Fair (DITF) on Wednesday, Nyusi emphasized that although economic projects take time to yield results, Tanzania ranks among the top ten investors in Mozambique.
He declared that the DITF would play a vital role in enhancing trade and investment between the two countries.
He identified the first priority as increasing investment in industry, transportation, and consumer services in major cities to reduce imports and align with population growth and income increases.
“Farmers often sell cashews at low prices, which are then sold for much higher prices outside Africa. Collaborative efforts will help farmers earn more from their crops,” he noted .
President Nyusi emphasized the third area of focus: improving joint services for landlocked countries through railways or ports.
The fourth area of focus involves investment and cooperation in the tourism sector, particularly in air travel, aimed at diversifying tourism offerings. Collaborative efforts with tourism companies are expected to yield significant achievements in this regard.
“These initiatives support the development of the common market under AfCFTA of which Mozambique is a member and beneficiary,” he added.
Nyusi also discussed the impact of market instability resulting from the war in Europe, underscoring the necessity for African nations to prioritize domestic production of goods.
He emphasized Mozambique’s plans to enhance electricity production capacity, improve and expand port facilities, and establish technical schools to equip youth with essential skills.
“Mozambique offers investment opportunities, and the market extends to Malawi, Zambia, and Zimbabwe,” he asserted while welcoming investment plans from Tanzania.
He encouraged immediate action to start work rather than waiting for investors from outside Africa. “We must build our economies together.
Economic growth doesn’t happen by chance; it results from the efforts of the current government led by President Samia Suluhu Hassan. Let’s work together to advance our African nations.
We have fought for independence; now, we must fight for the development of our people,” Samia emphasized the longstanding trade relationship between Tanzania and Mozambique, which dates back centuries through coastal trade networks.
She commended the ongoing dedication to fortifying this partnership, exemplified by Nyusi’s visit.
She commended the organizers of the DITF, Tanzania Trade Development Authority (TanTrade) and former Minister for Industry and Trade, Dr Ashatu Kijaji for their outstanding work in preparing the fair and strengthening the Ministry of Industry and Trade.
This year’s theme, “Tanzania is a Safe Place for Business and Investment,” and the fair serve as tools to drive the growth of various economic sectors.
“Since its inception in 1963, the fair has gained immense recognition in Africa and globally. This year it has attracted over 3,486 companies from within and outside the country, reflecting significant regional and international interest.” Dr Samia noted.
She further said in 2023, the Tanzania Investment Centre (TIC) registered 504 projects valued at 5.68 billion US dollars, demonstrating the appeal of investment opportunities in Tanzania and export rose from 12.3tri/- in 2019 to 17.38tri/- in 2023.
President Samia emphasized that the government will continue in developing, improving, and completing various infrastructure projects to enhance production efficiency and ensure that products reach their intended markets.
“This infrastructure will also benefit neighbouring countries, driving their development and solidifying Tanzania’s status as an ideal place for investment,” she added.
President Samia encouraged Tanzanians to visit and actively participate in the fair, urging them to utilize the programmes available to connect with business and investment stakeholders effectively.
She encouraged exhibitors to learn and prepare diligently to cater to large domestic, regional, and international markets.
“Those with quality products should register with the Tanzania Trade Development Authority (TanTrade) to benefit from the AfCFTA.
Samia congratulated the 11 companies that have already seized this important opportunity by exporting commodities such as coffee, sisal, spices, peanuts, and tobacco to several African countries, including Algeria, Nigeria, Ghana, and Morocco.
“The government will continue to listen and address business challenges in the country, “ she said and invited those with constructive suggestions to communicate with the relevant authorities.
The Director of the East Africa Commercial and Logistics Centre, Cathy Wang, expressed gratitude to President Samia for fostering a conducive environment for investors in Tanzania.
She highlighted that this year marks the 60th anniversary of diplomatic relations between Tanzania and China, noting the significant participation of business people from 10 regions in China at the DITF.
Wang mentioned that in 2021, 30 Chinese companies participated in the fair, increasing to 50 in 2022, over 100 in 2023, and more than 270 companies in 2024. — NNN-DAILYNEWS
