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UK-Tanzania Investment Forum to Boost Cooperation

UK-Tanzania Investment Forum and Tanzania President Jakaya Kikwete visit to Great Britain on March 31st 2014 have ended on a positive note with reassurances of mutual cooperation.

Over 200 businesspeople and investors, together with top government officials from both the UK and Tanzania, have met last week at the Investment Forum organized by the UK Foreign Office, UK Trade and Investment (UKTI), and Developing Markets Associates (DMA).

President Jakaya Kikwete in his speech to the Forum outlined the progress made by Tanzania, specified the opportunities for the investors and assured safety of assets.
“The opportunities are endless and you are guaranteed of peace, security and a ready market”, said President Kikwete.

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Due to the favourable market environment, stabilized economy, and undertaking of the government to streamline and restructure investment policies, the President had encouraged investors to take a closer look at such sectors as ICT, agribusiness, transport manufacturing, and coal, iron ore, nickel, feldspar kaolin and soda ash mining, in addition to well established agriculture, oil and gas, and tourism sectors.

The President’s speech included multiple positive examples of change, such as the improved efficiency of Dar es Salaam Port, which made exports easierreduction of road blocks, and streamlining of government procedures for investors.

UK, being the primary investor to Tanzania, promised to increase economic support to the country.

According to the British Prime Minister David Cameron: “We are happy with our level of economic cooperation, especially as a leading investor in Tanzania – and we are ready for many more investment opportunities”.

The UK’s Foreign Secretary William Hague had also expressed hopes for increased cooperation: “I am delighted at the growing partnership between UK and Tanzania on a number of fronts. Tanzania offers significant opportunities for British businesses in the energy and other sectors and is set to become a major new global gas supplier.”

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UK’s Government Minister for Africa, Mr Mark Simmonds, have stated the willingness of UK to invest in agriculture, oil and gas, and energy sectors, noting that due to the gas discoveries Tanzania may become a middle income economy by 2025.

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