Deputy Minister for Industry, Trade and Investment, Mr Exaud Kigahe has asked the Islamic Republic of Pakistan to prefer Tanzania as their investment destination, further assuring them of conducive investment and trade environment and a reliable market.
Dr Kigahe said this on Monday evening during the launch of Tanzania -Pakistan Business Council (TPBC) on behalf of the Minister for Industry, Trade and Investment, Dr Ashatu Kijaji, adding that the business council has vast opportunities in Tanzania, especially in agriculture sector among others to tap.
He said the launch of the business council is an indication that the two countries are working together to strengthen investment and business relations for economic growth.
"The establishment of this council is part and parcel of cementing the implementation of the Memorandum of Understanding signed through this council and the business communities from both countries will access existing opportunities in the two countries," he said
He further noted that despite continuous investments made by the investors from Pakistan in Tanzania, still there are a number of untapped opportunities to exploit.
According to him, the statistics provided by the Pakistan Embassy in 2020, shows that the bilateral trade between the two countries in the 2019/2020 financial year was at 154 million US dollars, where in particular the Pakistan business community invested around 490 million US dollars in the Tanzanian economy and created 5,400 employment opportunities to Tanzanian nationals.
"I am glad to see that the exports from Tanzania to Pakistan has increased from USD 11.7 billion in 2017 to USD 61.8 USD in 2021 and this is according, 2021 TRA report," Mr Kigahe said.
He cited cotton as one of the main export commodities of Tanzania to the country in a list that included vegetable, spices and tea.
On his part, the Pakistan High Commissioner to Tanzania, Mr Muhammad Saleem thanked the government of Tanzania and the relevant authorities for supporting the establishment of the TPBC.
He assured them that the TPBC will continue getting support from their Commission to enhance fruitful engagement between them for the promotion of commerce, investment and tourism.
Earlier, TPBC Chairman, Mr Ghulam Abbas Hirani said the Council would organize frequent exchange of business delegations between the two countries to explore the untapped opportunities available in their midst.
The launching party ceremony was attended by over 220 participants including representatives of the Tanzania Trade Development Authority (tantrade), Tanzania Investment Centre (TIC), Tanzania Private Sector Foundation (TPSF)
The list also included Tanzania Chamber of Commerce (TCC), Tanzania National Business Council (TNBC),Zanzibar National Chamber of Commerce, Tea Board of Tanzania,Tanzania Cotton Board, Export Processing Zone Authority of Tanzania and Tanzania Sisal Board.