Tanzania among top investors in Mozambique

DAR ES SALAAM: Tanzania has been named one of the top ten African countries with the largest investments in Mozambique over the past ten years.

The President of Mozambique, Filipe Nyusi, revealed this on Wednesday, July 3, 2024, while officiating the 48th International Trade Fair (DITF), famously known as Sabasaba.

Highlighting the economic partnership, President Nyusi noted that between 2018 and 2023, the total external trade between the two countries in imports and exports reached $250 million, with a cumulative flow of $143 million from 2013 to 2023.

Explaining the role of DITF, President Nyusi emphasized that the exhibition will stimulate entrepreneurial growth, fostering economic development for both nations through business investments and private sector participation from both countries, along with foreign capital.

Also read: Nyusi commends Tanzania, SADC

On her part, President Samia Suluhu Hassan lauded the exhibition, attributing its success to the government’s efforts in strengthening national, regional, and international cooperation, which has boosted the inclusive economy.

Tanzania’s President said that in 2023, the Tanzania Investment Centre (TIC) registered 504 projects worth 5.68 billion/-, with exports increasing to 17.38 trillion/- last year from TZS 12.3 trillion in 2019.

Dr. Samia also promised to continue developing and completing infrastructure projects to facilitate business operations and transportation while encouraging local businesses to seize the exhibition opportunity to learn and prepare to serve larger domestic, regional, and international markets.

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