Tanzania tops the East African community region in attracting more foreign direct investments FDIs with about US$29 billion flowing into the country between March and August this year.
This was disclosed by Prime Minister Kassim Majaliwa while speaking at a Tanzania-UK business forum on Wednesday in the commercial capital Dar es salaam.
The forum was organised by TanTrade, the British High Commission, the Tanzania Private Sector Foundation and Zanzibar National Chamber of Commerce.
According to statistics provided by the Tanzanian government, in the year 2021, Tanzania sold goods to UK with US$39million (Tshs 90billion) while the UK traded to Tanzania goods worth US$195milliom (Tshs450billion).
Details from Tanzania Investment Centre (TIC) also indicate that the UK is the second largest investor in this East African coastal country sinking approximately 945 projects totaling a combined US$5.42billion accounting for 275384 jobs.
The UK is the second, with its investment value standing at US$6 billion, below China’s US$7.8 billion, according to statistics.
For example the UK investments in Tanzania include; Kilombero sugar worth US$238million.
Meanwhile the Prime Minister revealed that despite the biting effects of covid-19 pandemic in 2020, Tanzania managed to attract investments worth US$1billion.
“The Tanzanian economy has continued to experience an average of 6.5% growth from 2016 to 2020 making it among the fastest growing economies on the African continent,” Majaliwa said on Wednesday.
The trade and Industry Minister Geoffrey Mwambe revealed that the forum is intended to acquire feedback from UK investors with regard to the situation on ease of doing business as well as making improvements and come out with agreed resolutions to further boost the economy and an equal balance of trade between the two countries.
This forum was attended by over 20 companies from the UK, 150 British and Tanzanian (joint ventures) companies attending in- person and a further 300 participating virtually.