Norway To Strengthen Bilateral Relations With Tanzania In Oil & Gas, Aquaculture And Renewable Energy

The Norwegian government has recently organized three high-level business seminars in key sectors of mutual interest as oil and gas, aquaculture and renewable energy, aiming at strengthening bilateral relations with Tanzania in terms of business development, investment and trade.

The three seminars took place in Dar es Salaam on September 17th, 2015 and were organized by Innovation Norway, and state-owned organization to support innovation and development of Norwegian enterprises, and INTSOK, a government’s instrument to expand business activities of Norwegian oil and gas companies in international markets.

The seminars counted with the presence of a delegation of 58 Norwegian business leaders led by the Ministry of Trade and Industry, Ms. Monica Maeland, and 40 Tanzanian businesses whom held bilateral dialogues and stressed the importance of developing long-term cooperation.

According to Minister Maeland, the business seminars will help not only to promote trade and investment but to set the basis for a long lasting international cooperation between both countries.

The Oil and Gas industry in Tanzania represents one of the most lasting relationships with Norway.

The Nordic country has been investing there for more than 20 years as part of its Oil for Development Program (OfD) which seeks to generate economic and social development in Tanzania and other 10 countries in the world.

Under this program, Norway has invested in the Tanzania’s oil and gas industry a total of NOK 28.8 million in 2014, up from NOK 20.4 million in 2013 and NOK 5.9 million in 2012, due to the recent discoveries of gas that have raise the Tanzania’s natural gas reserves to 53 trillion cubic feet.

Norway’s exports to Tanzania are mainly used in the energy sector with machinery and transport equipment currently totaling NOK 332 million and representing 79.6% of the total balance of trade between both countries.