The Tanzanian government has commenced the implementation of economic diplomacy to boost trade and investment with Nigeria.
The Tanzania High Commissioner to Nigeria, Dr. Benson Alfred Bana made this known at the opening of the Tanzania-Nigeria Tourism, Investment and Trade (TN-TIT) forum in Abuja, Nigeria.
The TN-TIT forum is an initiative of the Tanzanian High Commission to create an avenue for Nigerians to employ to deliver on the objectives of Tanzania’s set out economic Diplomatic policies.
Bridging gap between investors
Bana said that the forum was an avenue to bridge the gap between investors from Nigeria and Tanzania by helping to share ideas on tourism, investment and trade with the aim to achieve mutual supportive objectives.
“The forum is expected to deepen the Tanzania-Nigeria bilateral relations which dates back to the early 1960s and to promote economic cooperation between the two sister countries in areas of tourism, investment, trade, and development financing”, he said.
Conducive environment
The Tanzanian Minister of Foreign Affairs and East Africa Cooperation, Ambassador Liberata Mulamula while speaking virtually, said that President Samia Suluhu Hassan promises to ensure a peaceful and conducive environment for foreign trade and investment in Tanzania.
“It offers the right range of investment incentives just like other several other investment destinations in the world. And in some aspects it is even more generous and attractive. Investors who which to set up their business in Tanzania are facilitated in key issues relating to company registration, immigration, labour, land, business licence and tax”, Mulamula said.
The Chief Executive Officer of the Sahara Group of Companies, Tonye Patrick Cole, represented by the General Manager Sahara Group, Mr. Alex Cole said that Tanzania is a very conducive environment for business due to its open market structure.
“In our bid to expand across Africa as a leading conglomerate, we commenced operation in Tanzania five years ago with a limited investment of ten million dollars and today we have over a hundred million dollars invested in the country. This is due to the ease of business, pursuit of national interest leading to foreign direct investment and attraction to the country”, he said.
The TN-TIT forum was a two-day event which took place on May 4, 2021 in Abuja and on May 6, 2021 in Lagos, South-West, Nigeria.
The event had in attendance Nigerian organizations with establishments in Tanzania such as the Dangote Industries Limited, Sahara Group, United Bank for Africa UBA, Guarantee Trust Bank GTB, and other key stakeholders in the tourism, financial and trade industries from both countries.
Nneka Ukachukwu
