Tradevolume between Tanzania and Germany is set to grow even more from the current US$320 million (about 300 million Euros) per annum as more companies from the European country eye investment opportunities in the country.
Eight companies from Germany, dealing in energy, construction and health, are taking part in the ongoing 40th Dar es Salaam International Trade Fair (DITF) as they seek to establish their presence in Tanzania and the East African Community (EAC).
"Bilateral trade between the two countries should grow significantly as more companies from Germany are showing interests to invest in Tanzania," Deputy Head of Mission at the Embassy of the Federal Republic of Germany in Tanzania, Mr John Reyels, said yesterday.
The envoy was speaking during a news conference to introduce the eight companies at the Mwalimu Julius Nyerere Trade Fair Grounds in Dar es Salaam.
"I do not have exact figures on the trade balance between the two countries but it should be between 60 and 40 per cent for Germany and Tanzania, respectively," Mr Reyels explained.
Major exports from Tanzania to Germany include minerals, metal and agricultural produce such as coffee and spices while it imports technology, machinery, motor vehicles and industrial machinery from the European country.
At the same occasion, the Head of the Tanzanian German Business Centre, Mr Dirk Smelty, said since the Fifth Phase Government under President John Magufuli came into office Tanzania was becoming a driving force in the East African region.
He welcomed ongoing negotiations among member states of the East African Community (EAC) to reduce tariff and non-tariff barriers, noting enormous potential for trade and investment in the region.
"In Tanzania for instance, the economy has been stable, growing at average of 7 per cent per annum while inflation rate has been contained in single digits and this is healthy for German companies wishing to invest in the country," he stated.
On the other hand, the trade expert urged the government of Tanzania to avoid buying fossil fuels since the country was endowed with vast resources in alternative energy which it could use to run the economy.