19 February 2014

Tanzania: Japanese Investors to Promote Trade Ties

JAPANESE business mission was scheduled to arrive in Dar es Salaam on Tuesday for a four-day trade and investment visit as part of efforts to promote bilateral business relations.

Japan Embassy said in a statement on Tuesday that the mission comprises 34 representatives from 20 companies and organizations from across Africa, Middle East and Europe, motivated by the various business development and investment potential of Tanzania.

It is co-organised by Japan External Trade Organisation (JETRO), the Japanese Business Council in Dubai (JBC) and Japanese Chamber of Commerce and Industries in South Africa.

According to the statement, the mission intends to collect updated information and deepen understanding on economic policy, development plan for infrastructure and industry and policy for mineral resources development and energy sector.

It will also collect information on investment environment including incentives and regulation and other important issues about the country. The mission builds on the 5th Tokyo International Conference for Africa's Development in June 2013 which accelerated the interest of Japanese private sector companies to do businesses in Africa.

Tanzania received high priority focus among Japanese companies in the conference. It follows the visit of the Japanese Minister of Economy, Trade and Industry (METI), Toshimitsu Motegi, who came to Tanzania along with an entourage of Japanese companies and organizations in August 2013. This was the first Japanese Ministerial visit to Africa after TICAD V.

"The objective of this mission to Tanzania, is to consider how we can contribute to the acceleration of business development, including further industrialization in this country, by visiting your esteemed governmental institutions and industrial facilities," Chairman of The Japanese Business Council in Dubai, Yoshihiro Fujiura is quoted in the statement.

The Japanese mission comes as a response to the increasing interest among Japanese private companies with an active interest in supporting local business to grow, according to the statement.

They are interested in expanding operations through Public-Private Partnerships and joint ventures with domestic public as well as private sector enterprises to help accelerate development in the country.

The participating Japanese companies are also interested in green field explorations in various industries. Japanese private companies have recently increased their attention to Tanzania due to the multiple investment attractions in the country and the growing population.

"Tanzania's growing economy with GDP growth rate at 7 per cent per annum, its stable political and business environment, the growth in agriculture and the development of natural resources, including natural gas, collectively present great business and investment opportunities for Japanese private sector in various industry engagements."

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