April 16, 2024
Business

UAE and Tanzania discuss strengthening of trade & investment relations

H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a meeting with Dr. Ashatu Kijaji, Minister of Investment, Industry and Trade of Tanzania, to discuss the strengthening of trade and investment relations between the two countries. The meeting took place during a Tanzanian delegation’s recent visit to the UAE.

The meeting discussed prospects for cooperation in areas of shared interest and the means to generate more opportunities for both business communities. H.E. Al Zeyoudi emphasized that the record growth in the UAE-Tanzania non-oil trade serves as a solid foundation for achieving greater economic integration between the two countries, especially in the areas of trade, investment, logistics, travel, tourism and mining among others.

“Tanzania is a key trading partner of the UAE as our non-oil trade exchanges continue to grow. We look forward to further strengthening our existing cooperation and expanding the scope of trade and investment relations to broader levels,” he said.

H.E. added: “As the second largest economy in East Africa and an important gateway to promising markets in the continent. There exist numerous opportunities for partnership and cooperation between the UAE and Tanzania in various vital sectors. These include food security, logistics, tourism, and mining, which provide more room for expansion for the country’s private sector.”

Meanwhile, Dr. Ashatu Kijaji affirmed Tanzania’s desire to solidify trade and investment relations with the UAE, which continues to strengthen its position as a regional and international business hub.

She said: “Tanzania is an ambitious country and we look forward to expanding our trade relations with our partners from around the world. We are also developing a future economy that can meet the needs of the 21st century, and the consolidation of ties with the UAE – a key trade and investment partner – can help us expedite the achievement of our goals.”

Blessed with an abundance of natural resources, Tanzania is the second largest economy in East Africa, which recovered quickly from the impact of the pandemic amid expectations of continued economic growth reaching 5.6 per cent in 2023. It is also an important hub for logistics services and boasts a series of developed ports on the Indian Ocean, which make it a vital sea gateway to many sub-Saharan African markets. The country also has a promising agricultural sector, which accounts for about 85 per cent of its total foreign exports.

The UAE-Tanzania economic relations have witnessed significant growth in recent years. The non-oil trade exchange between the two countries reached USD 2.5 billion in 2022 with a 11 per cent growth compared to that of 2021. In 2022, Tanzania became the UAE’s fourth largest trading partner among non-Arab African countries, accounting for 7.2 per cent of the country’s total non-oil exports, following Kenya, South Africa, and Nigeria. DP World has developed the innovative digital platform DUBUY to help connect businesses from Africa with regional and international markets. Tanzania is one of the key partners in this initiative in the continent.

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