President Samia Suluhu Hassan has called upon investors from Norway to explore opportunities in key sectors for the nation's development, including renewable energy, agriculture, oil, gas, investment funds, and transportation.
The President made this call while addressing delegates at the Tanzania-Norway Trade and Investment Forum held in Oslo on Tuesday.
Accompanied by Prince Haakon of Norway, Dr Samia emphasised the need for investors who have a genuine interest in contributing their capital to sectors that have a significant impact on citizens' lives, such as food, electricity, oil, and transportation.
She highlighted Tanzania as a safe destination for Norwegian investors, explaining that the government has implemented several improvements to investment laws.
Moreover, Tanzania's favourable geographic location provides convenient access and border connections to eight neighbouring countries that are major markets for investors.
President Samia also emphasised the country's commitment to peace, equality and the rule of law.
During her speech, President Samia mentioned that Tanzania ranks as the 10thlargest producer of sunflower in the world and the secondlargest producer of oil in Africa. These products have high demand within the country and neighbouring nations.
Additionally, she encouraged Norwegian investors to explore opportunities in solar and wind power, as Tanzania still needs to ensure a reliable and diverse energy supply.
President Samia further outlined several reasons for Norwegian investors to consider Tanzania as an investment destination.
She pointed out that the International Monetary Fund (IMF) predicts Tanzania to be among the top 20 countries with the fastest-growing economy by 2024. She also highlighted the country's favourable political, geographical, and economic environment.
Addressing the Business Forum, Dr Samia acknowledged the success of several Norwegian companies that have taken advantage of opportunities in Tanzania's economy.
She further emphasised Tanzania's peaceful political climate, which is supported by a strong multiparty democracy based on good governance, respect for human rights, and the rule of law.
Regarding geography, President Samia highlighted the Port of Dar es Salaam, situated in the Indian Ocean, as a strategic asset that serves eight neighbouring African countries. Finally, she noted that Tanzania has sound and stable economic and financial policies, with a projected GDP growth rate of over 6 percent for next year, aiming to surpass the levels achieved before the Covid-19 pandemic.
More than 150 investors and businessmen from Norway and Tanzania attended the conference organised by the Norwegian African Business Association (NABA).
The purpose of the conference was to explore how to establish closer ties and promote cooperation between the two countries.
The Norwegian Minister for Trade and Industry responsible for trade and industrial policies, Jan Christian Vestre, highlighted Africa's crucial role in achieving a green and sustainable future for the planet.
He emphasised the opportunity to overcome challenges associated with reliance on fossil fuels and vulnerable value chains. Norway, he noted, can contribute to realising this potential through its expertise in technologies such as ocean wind, hydrogen, CCS, and solar power, which might come as a surprise to some.
Mr Vestre also mentioned that Norwegian businesses are interested in partnering with Tanzania in various sectors, including agriculture, health, and sustainable energy.
"While Norway and Tanzania may be geographically distant, they share a common history of managing natural resources in a way that promotes a greener future. Their reliance on hydropower, for example, is a basis for exploring new forms of sustainable business partnerships," he said.
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The Minister stressed that both countries have much to gain by leveraging their respective resources, experiences, needs, and opportunities. By fostering more cooperation and closer ties, they can accelerate the development of a fully sustainable economy.
President Samia recently concluded her two-day state visit to Norway, following her historic visit to the Vatican where she met with Pope Francis, the leader of the Catholic Church.
She was accompanied by various ministers, including the Minister for Foreign Affairs and East African Cooperation, January Makamba, the Minister of State for the President's Office, Planning, and Investment, Prof Kitila Mkumbo, the Minister for Agriculture, Hussein Bashe, the Minister of State in the Vice-President's Office (Union and Environment), Dr Selemani Jafo, the Minister of Finance, Zanzibar, Saada Mkuya, as well as chief secretaries and chief executives of various institutions.
