This economic philosophy has opened Tanzania to local and international investment opportunities, all of which have benefited the country.
The current business culture set by the Tanzanian government has made Tanzania and Zanzibar an attractive destination for businesses across the globe as more and more investors from different regions are showing interest in setting up shop in Tanzania.
As a result, more than 600 investors from the 27-member European Union (EU) are set to attend a monumental business forum in the capital Dar es Salaam in February. The forum will focus on taking advantage of Tanzania’s current pro-business policies and discuss subsequent strategies in strengthening investment and trade ties between the East African nation and Europe.
“The EU has been branded as a global gateway. This is a European strategy to increase investment in Tanzania in particular and bring public and private funds into the country’s key sectors. Head of EU Cooperation, Mr. Cedric Merrell said.
These European countries want to double down on the hitherto cordial relations between the two parties.
Since he came to power, President Samia Suluhu Hassan has been pushing to grow Tanzania’s business capital through partnerships with African and non-African countries.
Throughout 2022, the President of Tanzania visited several countries to this effect, welcoming several business visits from foreign ambassadors. During the year, they were able to establish working relationships with countries like Kenya, South Korea, China, USA, Belgium and more.
As a result, the 2022 EU Investment in Tanzania Report 2022 shows that the EU’s exports to Tanzania will be worth €856 million (about Sh2.1 trillion) in 2021, while imports will be €456 million (about Sh1.1 trillion).
Approximately 100 companies from Europe have investments in Tanzania, creating an estimated 151,000 jobs. It is based on a report prepared jointly by the EU Delegation and the European Business Group (EUBG).