Tanzania FDIs up by 70 pc

DAR ES SALAAM: THE Ambassador of France to Tanzania, Mr Nabil Hajlaoui has hailed Tanzania for an attractive business environment that has enabled the country to rapidly increase the Foreign Direct Investment (FDIs) by 70 per cent in 10 years’ time.

Mr Hajlaoui disclosed this in Dar es Salaam on Monday evening during a reception hosted for a delegation of 13 French companies who are visiting Tanzania for three days from November 20-22 this year to explore various business and investment opportunities.

He pointed out that recent statistics published by international bodies show that Tanzania has skyrocketed its volume of its FDI’s by 70 per cent.

“Congratulation to Tanzania for being this attractive. In 10 years, the country has increased its investments by 70 per cent more…now the figures stand at around 18 billion US dollars per year, equivalent to 45tri/-) of FDIs,” said Ambassador Hajlaoui.

According to him, France was among members of the European Union (EU) countries with the most presence and huge investments of big international groups of companies in critical sectors like energy and transport among others.

Thus, he extended recognition to the French business community in Tanzania for being among the most powerful shareholders.

Elaborating on the French delegation featuring small and medium sized enterprises (SMEs), the Ambassador indicated that the group of companies and investors have come to Tanzania to explore new areas of investment and partnerships.

He recounted that the mission was the third of a similar nature within the two past years following the successful visit of President Samia Suluhu Hassan to France in February 2022.

“We are now reaping the fruits of the wonderful visit. The mission also comes after a three-day successful visit carried out by the Minister of Foreign Affairs and East Africa Cooperation, Mr January Makamba in Paris, placing a strong focus on business and economic partnerships,” he noted.

He revealed that France was the first European partner of Tanzania in terms of economic ties and investment.

As such, the delegation of French companies from construction, healthcare, aeronautics and services sectors marks a new step forward in Franco-Tanzanian trade relations, which are extremely dynamic and illustrate a shared desire to build new partnerships.

In this regard, it illustrates the very positive perception French companies have of the Tanzanian market and of the opening measures undertaken by President Samia.

“There is a strong appetite from French companies to enter the Tanzanian market. SMEs are the core of business of the French network. They are very dynamic and offer a wide range of products which can suit the demand of Tanzania.

“They are eager to engage with their Tanzanian counterparts to learn from them and improve their products in order to make them more suitable for the Tanzanian market,” remarked the Ambassador.

The Ambassador equally indicated that in March 2023, the Franco-Tanzanian Chamber of Commerce had partnered with the Tanzanian incubator for start-ups, Sahara Ventures.

Stating the role the Embassy plays in securing the massive investments to the country, he said the major goal was to encourage investments and trade between the two companies that ensure a win-win, thereby bringing value to Tanzania and its people.

“Our goal is to bring investment in sectors that matter for Tanzanians which includes transport, infrastructure, energy and water. Also, we bring value here by training young Tanzanians by ensuring that this thrives into the economy,” stated the Ambassador.

For his part, the President of French-Tanzania Chamber of Commerce, Mr Christopher Darmois said that ten years back, there were only eight French companies in Tanzania but the number has now increased tremendously.

He said the chamber was established to facilitate business operations between the two nations. He said currently, the chamber has more than 100 companies whereas half are local and the other 50 from France.

The Head of the delegation and Regional Manager, Eastern, Southern and Indian Ocean at Bpifrance, Mr Mourad Chouiga noted that there are a number of investment potential in Tanzania that French companies would wish to partner with Tanzania. He said the first mission of SMEs from France visited Tanzania last year.

Bpifrance is the French Public Investment Bank entitled to finance companies at each stage of their growth through loans, guarantees and equity.

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