Analysts: Tanzania to reap big

TANZANIA: ANALYSTS are optimistic that Tanzania will reap significant benefits from President Samia Suluhu Hassan’s upcoming visit to Brazil to attend the Group of 20 (G20)’s Heads of State and Government Summit.

The event, scheduled for November 18-19, 2024, in Rio de Janeiro, Brazil is expected to elevate Tanzania on the international stage.

An Economist-cum-Investment Banker Dr Hildebrand Shayo told the ‘Daily News’ in a phone interview that Tanzania’s participation in such a high-level meeting would further elevate the country on the international diplomatic stage.

He said by attending such high level and important meeting, Tanzania will continue to cement its acceptability on the global stage, potentially improving its reputation in the world as a potential role model within Africa, especially within sub-Saharan Africa.

President Samia has demonstrated good leadership in managing the country’s economy, with the World Bank and IMF attesting to the fact, further placing the Head of State on the global spotlight.

Dr Shayo said being the first female President to be invited to the G20 meeting, which is mainly composed of the world’s leading economic powers, confirms that her leadership is acceptable and that the G20 can learn from a country with ample resources under the female Head of State.

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Regarding the economy, he said Dr Samia’s participation will have long-term multiplier effects because Tanzania will have the chance to meet with the leaders of the most significant industrialised and developing economies to discuss global economic and financial stability.

“If necessary, Tanzania may also sign significant international trade agreement on the sideline meetings that could benefit its economy, especially by attracting foreign direct investment and identifying sources of capital,” he said.

The economic analyst was optimistic that the Tanzania team could reignite and revive the Memorandum of Understanding (MoU) signed on 23 August 2012 between the TIB Development Bank and Brazilian Development Bank (BNDES) relating to partnerships and support in terms of capital.

“It is essential to recall there is already this MoU,” Dr Shayo said.

He added that Tanzania will have an important opportunity to use its TIB Development Bank to help Tanzania finance strategic national projects that will offer significant economic advantages.

Another analyst, Mr Hamidun Maliseli, shared similar sentiments, saying there are several economic significances emanating from Tanzania’s presence at the G20.

He highlighted the country’s growing recognition as a major player in the global economy, particularly due to its abundant natural resources and strategic infrastructure projects.

“Tanzania’s participation in the G20 Summit is seen as a testament to President Samia’s strong leadership and the country’s commitment to enhancing economic growth and international cooperation,” he said.

President Samia is expected to begin an official visit to Brazil following an invitation from the President of the Federative Republic of Brazil, Luiz Inácio Lula da Silva and the Chair of the G20, to participate in a forum aimed at fostering international cooperation on economic matters.

The summit, under the theme “Building a Just World and a Sustainable Planet” also marks the first time a Tanzanian leader has joined the G20 since the group expanded from the G8 in 2009.

She will make history as the first female President to attend the G20 Leaders’ Summit, the Late Benjamin Mkapa and Dr Jakaya Kikwete represented Tanzania in G8 summits in 2005 and 2008.

Her attendance underscores Tanzania’s increasing global influence and commitment to addressing shared challenges such as climate resilience, poverty alleviation and sustainable development.

According to a statement issued yesterday by the Director of Presidential Communication, Sharifa Nyanga, stated that President Samia is expected to use the platform, which gathers the world’s largest economies, to highlight the government’s efforts to ensure food security, reduce poverty, build sustainable development and seek collaborative opportunities to bring prosperity to Tanzanians through productive sectors.

While in Brazil, President Samia will hold sideline meetings with major global financial institutions and meet for discussions with Heads of State and Government from some G20 member countries, including her host, Brazil.