This economic principle has opened up Tanzania to both local and international investment opportunities, all of which have been profitable to the country.
The business culture which the current Tanzanian government is setting has also made Tanzania and Zanzibar an attractive destination for businesses across the globe, as more and more investors from different regions continue to show interest in setting up shop in Tanzania.
As a result, over 600 investors from the 27-member European Union (EU) are set to attend a monumental business forum in the capital city of Dar es Salaam, in February. This forum is centered on taking advantage of Tanzania’s current pro-business policies and to discuss subsequent strategies in strengthing the investment and trade relations between the East African nation and Europe.
“EU is branded as a global gateway. This is European strategy to increase investment in particular in Tanzania and bringing public and private money to the country’s key sectors,” the EU head of cooperation, Mr Cédric Merel stated.
These European nations wish to double down on what has so far been a cordial relationship between both parties.
Since her ascension to power, President Samia Suluhu Hassan has been insistent on growing Tanzania’s business portfolio via partnerships with both African and Non-African nations.
Throughout 2022, the Tanzanian president visited numerous countries to this effect, while also welcoming numerous business visits from foreign envoys. During the year, she was able to establish working relationships with countries like Kenya, South Korea, China, USA, Belgium and more.
As a result, the 2022 EU Investment in Tanzania Report 2022 shows that the EU’s exports to Tanzania were valued at €856 million (about Sh2.1 trillion) in 2021, while imports stood at €456 million (about Sh1.1 trillion).
Approximately 100 companies from Europe have investments in Tanzania which has created an estimated 151,000 jobs. This is based on the report which was jointly prepared by the EU Delegation and the European Business Group (EUBG).