Govt outlines key investment areas for Omani investors

DAR ES SALAAM: THE government has outlined four key sectors as high-priority areas for investment by Omani businesses, as part of broader efforts to promote industrial development, boost local production and reduce reliance on imports.

The four sectors identified as strategic are wheat and edible oil production, textile manufacturing, development of cold chain infrastructure and seed production.

Ministry of Agriculture Permanent Secretary, Gerald Mweli, said during a business meeting between the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) and a 17 delegation from Oman that the government welcomes investors, particularly in agriculture and agro-processing.

“Oman currently imports wheat and some products from countries like Russia. We encourage them to consider the country as a strategic and cost-effective investment destination,” he said.

The country’s cotton and textile industry holds untapped potential. Although the country is one of Africa’s leading cotton producers, about 80 per cent of its raw cotton is exported unprocessed, while local textile production is insufficient, allowing imports to dominate the market.

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“By establishing textile factories, investors from Oman can help close this gap, boost youth employment and reduce the country’s dependence on fabric imports,” Mr Mweli said.

Ministry of Industry and Trade Permanent Secretary, Hashil Abdallah, said bilateral trade between Tanzania and Oman has significantly grown with the former exports rose from 4.8 million US dollars in 2017 to 16.5 million US dollars last year.

According to the National Bureau of Statistics (NBS), the total trade volume between the two countries increased from 18 million US dollars in 2017 to 245.8 million US dollars last year.

Oman Chamber of Commerce and Industry (OCCI) Chairman Dr Salim Bin Al Janaibu, said both countries share a similar economic vision that emphasises food security, energy diversification, and logistics development.

“We are optimistic that this meeting will move beyond dialogue to the signing of agreements that lead to real investments, benefiting both economies,” said Dr Al Janaibu.