How Samia’s philosophy is wooing investors

TANZANIA: THE philosophy of economic diplomacy under the leadership of President Samia Suluhu Hassan has strengthened Tanzania’s global position through trade cooperation, investment and economic development.

Here, President Samia has been at the forefront of using international conferences, working visits and discussions with various global leaders to attract foreign investors and enhance economic cooperation.

Through these efforts, Tanzania has experienced rapid growth in sectors such as mining, tourism, agriculture and energy, with numerous new projects emerging.

Take for example the hub of trade.

Here, President Samia has successfully positioned Tanzania as a hub for trade in East Africa and globally by improving infrastructure and economic diplomacy.

This has established Tanzania as a country with political stability, a favourable investment climate and a growing economy.

Additionally, she has built strong democratic foundations and good governance through her “R4” philosophy, which includes Reconciliation, Resilience, Reforms and Rebuilding.

The victory of economic diplomacy

Thanks to these efforts under President Samia’s leadership, Tanzania received an invitation to attend a significant mining investment conference in Perth, Australia.

Tanzania has gained a strong international reputation as a leading country attracting significant investment in the mining sector, particularly from Australian mining companies.

This success stems from the strong cooperative relations between Tanzania and various countries worldwide, including Australia, facilitated by the effective leadership of President Samia, who has strengthened global economic diplomacy during her short time in office.

Speaking over the phone from Australia, the Minister for Minerals, Mr Anthony Mavunde, told the Daily News that Tanzania has earned a high reputation in Africa as one of the leading countries attracting significant mining sector investment, especially from Australian mining companies.

Mavunde noted that Tanzania accounts for 21 per cent of all mining sector investments from Australian companies operating in Africa.

Mr Mavunde represented President Samia Suluhu Hassan at this important meeting, which focused on discussing mining investment issues, particularly for African countries and Australian mining companies investing in the continent.

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He clarified that the Africa DownUnder (ADU) conference was attended by representatives of major mining companies from Australia and other parts of the world, with Tanzania securing investment contracts worth over 10 tri/-.

“These agreements aim to increase new projects in the mining sector, particularly for small- and medium-scale miners, which will boost employment, government revenue and Tanzanian participation in the mining economy,” he explained.

Robust investment

Mr Mavunde said President Samia was praised at the conference for her efforts of continuing to open up investment opportunities in the mining sector, attracting more investors from Australia.

According to the Minister, companies such as Chief, Walkabout Resources, Peak Rare Earths, Black Rock Mining and Eco Graf have commended the sixth phase government for creating a conducive investment environment in the country.

Benefits of investment Minister Mavunde noted that these Australian companies not only bring capital but also contribute technical expertise, new mining technologies and sustainable mining methods.

He said this would enhance the efficiency of mining activities in the country, strengthening the national income.

According to him, in 2023, the mining sector contributed 6.7 per cent to Tanzania’s GDP and this investment is expected to further increase its contribution to economic growth and improve people’s livelihoods.

For several years, he said major Australian mining companies like Resolute Mining, Peak Resources and OreCorp have been leading investments in Tanzania.

“This 21 per cent share of Australian investment in Tanzania’s mining sector is a testament to the strong economic relationship between the two nations, with favourable mining policies and political stability attracting foreign investors”, he explained.

Mavunde emphasised that Tanzania benefited greatly from the conference, which was attended by major representatives of Australian mining companies and other global investors. “It is a source of pride and honour for our nation.

We have successfully secured investment agreements worth more than 10 tri/-,” he said.

He clarified that the agreements with these companies would enable the country to launch new projects in the mining sector, particularly for small- and medium-scale miners, which will increase government revenues, jobs and Tanzanians’ participation in the mining economy.

“At this conference, President Samia was praised for opening up investment opportunities in the mining sector,” said Mavunde, who addressed the conference participants on behalf of President Samia.

“The most important thing for Tanzanians to understand is that the benefits of this investment, as President Samia has emphasised, are meant for their development,” he added.

Minister Mavunde stressed that Tanzanians would directly benefit from that investment, considering local content requirements, community participation through corporate social responsibility (CSR), proper tax payments and the supply of goods to the mines.

“These measures will enable mineral resources to contribute to the true eco nomic development of the nation and benefit Tanzanians.

These are the directives from President Samia Suluhu Hassan,” said Mr Mavunde.

Under President Samia’s leadership, Tanzania continues to reap the rewards of attracting major investors from various nations, particularly Australia, who bring in capital, expertise and technologies that will help strengthen the mining economy.

The relationship between Tanzania and Australia in the mining sector is economically beneficial.

In addition to capital investment, Australian companies provide technical expertise, mining technologies and sustainable mining practices.

This will improve the efficiency of mining activities in Tanzania, thereby increasing national income.

In 2023, the mining sector contributed 6.7 per cent to Tanzania’s GDP and Tanzanians expect these resources to continue contributing significantly to the country’s development.

All the best, Minister Mavunde the great desire and goal of Tanzanians is to see the nation benefit from its abundant mineral resources.