Tanzania, Germany move to address business barriers to unlock new investment areas across EAC bloc
DAR ES SALAAM: TANZANIA and Germany are seeking to unlock new investment opportunities in Tanzania and the wider East African region, with both sides highlighting the need to address tax, policy, infrastructure and other business barriers.
This was reached in talks between the Deputy Minister for Foreign Affairs and East African Cooperation James Millya with a German government and business delegation of 30 senior representatives led by Germany’s Minister for Federal, European and International Affairs Manfred Pentz in Dar es Salaam on Wednesday.
Speaking at the meeting which focused on investment opportunities and strengthening long-term cooperation between Tanzania, Germany and the East African region, the deputy minister said Tanzania is ready to work with German investors, citing the country’s political stability and wide-ranging investment opportunities.
“Mining, tourism, environment and natural resources are among strategic sectors with opportunities for new capital and partnerships,” he said.
On his side, Germany’s Minister Pentz said his government has seen significant economic opportunities in Tanzania and the region, particularly in technology transfer, innovation and market access.
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He, however, said addressing tax-related challenges, policy issues, non-tariff barriers and infrastructure gaps is important to further improve the business and investment environment.
German Ambassador to Tanzania Annett Günther called for the two sides to move beyond discussions and translate their cooperation into implementation of concrete development projects.
She said the Invest East Africa Forum will provide an important platform for Tanzania, Germany and other stakeholders to jointly identify and address challenges facing investors entering the region.
The two sides are also expanding cooperation in emerging areas, including Artificial Intelligence (AI), following the signing of a Memorandum of Understanding between Germany and the East African Community.
