DAR ES SALAAM: A HIGH-LEVEL meeting between Tanzanian and Egyptian officials yesterday marks a significant step towards stronger economic and financial cooperation between the two African nations.
The Bank of Tanzania (BoT) Governor, Mr Emmanuel Tutuba, met in Dar es Salaam with Egyptian Ambassador to Tanzania Sherif Ismail to discuss collaborative efforts in economic development programmes.
Governor Tutuba emphasized the BoT’s commitment to working closely with Egypt’s central bank and government.
The discussions centered on the growing trade relationship between Tanzania and Egypt, which Tutuba attributed to the longstanding positive relations between the countries.
He highlighted the increasing presence of Egyptian investors in the country, underscoring Tanzania’s welcoming investment climate.
Mr Tutuba reassured the Egyptian delegation of Tanzania’s stable financial sector and investor-friendly environment, aiming to attract further investment from Cairo.
Ambassador Ismail commended the central bank of Tanzania economic leadership and pledged continued collaboration on mutually beneficial economic initiatives.
“This meeting signifies a critical step forward in the Tanzania-Egypt economic partnership,” he said.
The focus on collaborative economic development programmes and the positive outlook on Egyptian investment suggest a promising future for trade and financial ties between the two nations.
Egypt has significantly invested in Tanzania, with El Sewedy leading the way by establishing a 400 million US dollars industrial city in Coast Region.
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This project aims to create over 50,000 jobs and strengthen economic ties between the two nations.
Beyond El Sewedy, Egypt’s role as a supplier of metals, machinery, and food to Tanzania reflects its strategic interest in regional cooperation and growth.
Dodoma and Cairo share strong economic ties that encompass trade, investment, and infrastructure development. I
n terms of trade, Egypt exports machinery, electrical equipment, vehicles, and pharmaceuticals to Tanzania, while Tanzania sends coffee, tea, tobacco, and raw materials to Egypt.
The bilateral trade relationship is supported by agreements that facilitate the exchange of goods and services, bolstering both economies.
Investment is another key aspect of their relationship, with Egyptian companies investing in various sectors in Tanzania, including agriculture, construction, and energy.
A significant example of this is the Julius Nyerere Hydropower Project (JNHPP) on the Rufiji River, constructed by Egyptian firms Arab Contractors and Elsewedy Electric.
This project highlights the critical role of Egyptian investment in enhancing Tanzania’s infrastructure and energy capacity.
Additionally, Egypt has contributed to Tanzania’s development through capacity building programs and technical assistance in sectors such as health, education, and agriculture.
Collaborative efforts in agriculture, particularly in irrigation and technology transfer, aim to improve food security and productivity in Tanzania.
