Tanzania, London Stock Exchange seek to raise capital

TANZANIA: The Tanzanian High Commission in the United Kingdom (UK) has reached an agreement with the London Stock Exchange (LSE) to collaborate in seeking capital for investment in the country.

High Commissioner Mbelwa Kairuki revealed this after a recent visit to the LSE in London, where he met and held discussions with Abi Ajayi, the Head of Middle East and Africa, Primary Markets at the London Stock Exchange.

“The High Commissioner, during the visit to the London Stock Exchange, engaged in discussions with Abi Ajayi, the Head of Middle East and Africa, Primary Markets at the London Stock Exchange.

At this meeting, the High Commission agreed to cooperate with the LSE, a move that will enable Tanzania to attract investment capital through the market (LSE),” stated the Tanzanian High Commission in a post on the X platform (formerly Twitter).

Earlier this year, the country’s envoy highlighted Tanzania’s priorities for 2024, focusing on exports and attracting more tourists to boost the country’s foreign currency reserves.

According to the envoy, the High Commission in the UK aims to increase the sale of Tanzanian products in the UK and Ireland, targeting $700 million in sales by 2027.

In 2023, Tanzania successfully increased its exports to the UK to $200 million, up from $49 million in 2022, according to Ambassador Mbelwa.

He expressed optimism that the volume will increase to $250 million this year, thanks to collaboration with various stakeholders, including farmers, fishermen, herders, miners, and traders.

“The embassy plans to achieve this goal through partnerships and initiatives, such as organizing a meeting on March 29th, 2024, to inform participants about the UK government’s trade promotion program and providing a 98% tax exemption for Tanzanian products entering the UK market,” explained the Ambassador when delivering the Commission’s New Year message.

The United Republic of Tanzania has adopted a Foreign Policy focusing on economic diplomacy to secure the core national interest as a sovereign state, according to the Ministry of Foreign Affairs and East African Community’s website.

The policy manifests itself in active international engagement, leveraging the pursuit of economic objectives while preserving the gains of the past and consolidating the fundamental principles of Tanzania’s traditional foreign policy.

The objectives of Tanzania’s new foreign policy are to project, promote, and protect URT’s political, economic, social, and cultural interests through active and sustainable economic diplomacy.

The policy seeks to ensure that the country’s relations with other nations and international entities are also driven in line with economic interests.

Through this new policy, Tanzania aims to build a self-sustaining economy, preserve national peace and security, and support regional and international endeavors for the creation of a better and more peaceful world.

Tanzania is determined to accelerate political and socio-economic integration for the region and create the necessary conditions for East African member states to participate effectively in regional and international negotiations.