Dar es Salaam — TANZANIA and Malawi have agreed to strengthen economic cooperation to boost trade and investment between the two countries through enhanced private sector collaboration, value addition to raw materials and greater utilisation of opportunities available in regional markets.
The initiative also seeks to reinforce Tanzania's position as an important trade gateway for Malawi, particularly through the Dar es Salaam Port.
Malawi's Minister for Industry, Trade and Tourism, Itaye Simon, said the two countries have significant opportunities to cooperate in developing value chains for various products.
He said Malawi could produce raw materials, including soybeans, while Tanzania uses its industrial capacity to add value before the finished products are sold in the markets of both countries and beyond.
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On his part, Deputy Minister for Industry and Trade, Denis Londo, said Tanzania has an opportunity to increase its exports to the Malawian market by approximately six million US dollars.
He said products with strong potential in the market include furniture, cleaning products, tiles, construction materials, vegetable seeds, soap and iron products.
Mr Londo said the government and business community should move swiftly to tap into the available opportunities in order to increase trade volumes and ensure that citizens of both Tanzania and Malawi benefit from the growing economic cooperation.
Meanwhile, Tanzania Trade Development Authority (TANTRADE) Director General, Ephraim Mafuru, said the forum was part of the government's efforts to bring together businesspeople from Tanzania and Malawi and create more trade opportunities.
He said Tanzania exported goods worth more than 86m US dollars to Malawi last year.
Mr Mafuru urged Tanzanian traders to take advantage of the opportunity to meet buyers from Malawi and increase exports of various products, including food, clothing, footwear, tiles and other locally manufactured goods.
Speaking separately, Tanzania Investment and Special Economic Zones Authority (TISEZA) Director of Investment Promotion, George Mkono, said Tanzania is seeking to attract investors from Malawi, particularly in projects aimed at adding value to raw materials produced in the neighbouring country.
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He cited soybeans as one of the key areas with strong potential for investment and industrial cooperation between the two countries.
Mr Mkono said Tanzania enjoys a strategic geographical position and can serve as an important link between markets in East Africa and Southern Africa.
He further encouraged Tanzanian businesspeople to closely explore investment opportunities available in Malawi in order to strengthen economic ties and increase mutual benefits between the two countries.
