DAR ES SALAAM: TANZANIA eyes more Foreign Direct Investments (FDIs) from Saudi Arabia in key economic sectors including tourism, manufacturing, agriculture, oil and gas.
Speaking in a press conference on Thursday in Dar es Salaam, Tanzania Investment Centre’s (TIC) Executive Director Mr Gilead Teri said the government expects to attract more investments from the Middle East country through among others the incoming Tanzania-Saudi Arabia Business Forum scheduled to run from December 18 to December 20 this year in Riyadh.
It will bring together over 300 participants from both the public and private sector of the two countries.
He said the three-day business forum, which is co-organized by TIC, the Tanzania Private Sector Foundation (TPSF) and the Tanzania Embassy in Saudi Arabia aims to deepen bilateral ties between the two countries through investments and trade.
“It is our expectation that Tanzania’s investors with their Saudi Arabia’s counterparts will identify investment opportunities and collaborate in exploiting them for mutual economic benefits,” Mr Teri said.
He said the forum provides an opportunity for Tanzania to highlight its investment opportunities in tourism, agriculture, minerals, transport, construction, oil and gas for Saudi Arabia investors to inject their capitals in form of FDIs or partnerships.
Mr Teri said Tanzania is poised to gain experience from Saudi Arabia especially in the oil and gas sub-sector by leveraging its stunning performance as among the largest global oil producer.
Mr Teri noted that approximately 16 per cent of world’s discovered oil and gas reserves are in Saudi Arabia.
More significantly, he said the Tanzania’s business mission in Saudi Arabia is in line with Saudi Arabi’s initiative on economic diversification and Tanzania’s commitment to boosting economic growth through FDIs, domestic investment and joint venture.
He said TIC will use the platform to inform Saudi Arabia’s investors different reforms which Tanzania has undertaken to upgrade its investment climate including the new Investment Act of 2022.
Mr Teri said Saudia Arabia’s value of FDIs registered through TIC reached 63 million US dollar (about169bn/-) in October 2024, such data is the sum of all investments in 17 projects mainly
transport, agriculture, social services and construction sectors since 1967 which have created over 1100 jobs with a current goal being to attract more capitals.
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TIC’s Investment Officer in Charge of Middle East Desk, Mr Juma Nzima said the forum is expected to involve over 100 Tanzanian participants from the private and public sector and over 200 Saudi Arabia’s representatives in business.
He said the forum will involve presentations, business to business discussions and the government-to-government engagements in effort of enhancing collaboration and partnership among investors of the two countries.
Mr Nzima said the Tanzania’s delegation will also visit various business sites in Saudia Arabia to explore skills regarding investment for instance in oil.
TPSF’s Chief Executive Officer (CEO), Mr Raphael Maganga said the forum will allow Tanzania’s investors explore new markets to boost trade volume and the country’s economy at large.
Moreover, he anticipated the event to catalyse transfer of technology between the two countries and create jobs.
