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Samia lures US investors

Samia lures US investors

PRESIDENT Samia called on American members of the business council to increase their investments in Tanzania, since the latter has a market advantage to various regional blocs with a population of 1.3billion.

Apart from being a member of the East African Community (EAC), Tanzania is also subscribing to the Southern African Development Community (SADC) and ratified the African Continental Free Trade Area (AfCFTA).

Speaking during the US-Tanzania business council in New York, President Samia said the available statistics show that in 2019, Tanzania’s import from the US totaled 241 million US dollars, while its exports were recorded at 46 million US dollars.

The Tanzanian leader said US businesspeople  have so far invested a total of 5.55 billion US dollars to Tanzania, while the investments from the East African nation to the world’s economic giant stands at one million dollars.

“The current trade volume between US and Tanzania is too low compared to the available opportunities,” she said in part of the statement released by the Directorate of Presidential Communications.

Meanwhile, President Samia held talks with the President of the European Union (EU) Council Charles Michel, who sought to get her opinion on the four priority areas that Europe is looking forward to working and cooperating with Tanzania and the entire Africa.

The four areas include Covid-19, climate change, status of society in Mozambique and the digital revolution.

Responding, President Samia thanked the EU for its continued support to Tanzania, expressing the efforts that the country has been taking to fight Covid-19 pandemic that has affected various sectors, including tourism.

She also seized the opportunity to explain a number of initiatives to improve social service delivery, including construction of health facilities across the country.

“However, there is a challenge of accessibility of medical equipment,” she said, asking the EU to consider supporting Tanzania on the matter.

Commenting on President Samia’s visit to US, an Economist-cum-Investment Banker Dr Hildebrand Shayo was of the view that the tour has come at an opportune time and such a visit will have huge economic benefits to Tanzania.

He argued that her visit comes at the time when Tanzania is determined to strengthen her relationship with countries such as the USA that would bring a positive impact to help support Tanzania’s efforts under her government in ensuring all opportunities are well captured for the benefit of Tanzanians.

“To put things into perspective, USA investors have several projects in Tanzania and many Americans each year visit Tanzania as their favourite tourist’s destination”.

“The multiplier effect created by President Samia’s visit will help to open more avenues to investors and more tourists and their multiplier effects will be enormous to Tanzania,” Dr Shayo said.

He further said the USA and Tanzania need each other, an increased investment among US investors’ business communities in Tanzania along with other developments will create important opportunities for Tanzania to develop.

“It is time Tanzania and USA knock each other’s door but it is important for Tanzania to be proactive by fully exploiting the USA’s trade relationship, especially after signing of the AfCFTA,” he said.

President Samia also attended the high-level meeting to mark 20th anniversary of the adoption of the Durban Declaration that enhances global efforts for combatting and preventing racism, racial discrimination, xenophobia and related intolerance.

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