28 November 2012

Tanzania: Need to Speed Up Investments Stressed

THE Ministry of Industry and Trade has said that investments are key on the economic growth especially in value addition on agricultural produce. The Minister for Industry and Trade, Dr Abdallah Kigoda said this when opening the first session of Tanzania-Turkish Joint Committee meeting held in Dar es Salaam.

He said that exports have gone up to 3bn/- million in 2005 from 2bn/- in 2011 whereas imports from Turkey have grown to 9bn/- in 2005 from around 200m/- in 2011. Dr Kigoda said the meeting is a clear testimony that cordial relationship which exists between the two countries is strong.

He noted that Tanzania's major exports to Turkey are basically agricultural and semi processed products while imports from Turkey are industrial products.

He said that resolutions from the high-profile meeting would help boost trade between the two countries. He said the two countries have agreed to establish a joint business council which will exploit opportunities that exist in their respective countries and will enhance the cooperation in the exchange of trade and investment information.

Turkey has also floated an idea for the establishment of a Free Trade Area (FTA) with the East African Community (EAC) partner states in a view to enhance trade with e regional grouping. "The government will consult the EAC member states on the proposal to get their views", said Dr Kigoda. On his part, the Turkish Minister for Food, Agriculture and Animal Husbandry, Mr Mehd Eker said his country would offer expertise to Tanzanian farmers especially on irrigation.

"Because agriculture is the backbone of Tanzanian economy, Turkey will continue offering expertise to Tanzanian farmers to ensure there is enough food.

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