Tanzania economy gains momentum as reforms attract investors, strengthen Singapore ties

DAR ES SALAAM: Tanzania’s economy is gaining robust momentum, driven by bold government reforms, a steadily improving investment climate, and increasingly business-friendly friendly policies that are strengthening investor confidence.

The Chairperson of the Tanzania Private Sector Foundation (TPSF), Angelina Ngalula, said the country is experiencing rapid economic growth driven by policy reforms, an improved investment climate, and business friendly measures introduced by the government.

She made the remarks in Dar es Salaam on Tuesday during the Tanzania–Singapore Business and Investment Forum, which was attended by President Samia Suluhu Hassan and visiting Singapore President Tharman Shanmugaratnam.

According to Ms Ngalula, Tanzania presents vast opportunities for Singaporean investors to inject capital, technology, and expertise through partnerships with local companies, particularly in sectors aligned with the country’s development priorities.

She identified technology, financial services, transport, logistics, and energy as key areas with strong potential for collaboration between businesses from the two countries.

“There is significant room for Singapore to bring capital, technology, and expertise to work alongside Tanzanian companies,” she said.

Moreover, she noted that while governments play a crucial role in creating a conducive environment for trade and investment, it is the private sector that must seize these opportunities and convert them into real economic growth.

“Governments can open doors, but businesses must walk through them and make use of the opportunities available,” she said.

She further stressed that bilateral cooperation platforms, including joint commissions and business councils, are essential in establishing frameworks, agreements, and protocols that strengthen relations between countries.

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However, she emphasized that the real impact of such initiatives depends on active private sector participation and investment decisions.

“These platforms create the necessary frameworks and strengthen relations, but actual trade and investment will be driven by private sector companies,” she noted.