July 17, 2024
Tanzania emerges as a leading investor in Mozambique

Tanzania emerges as a leading investor in Mozambique

Tanzania has been recognized as one of the top ten African countries investing significantly in Mozambique over the past decade, reinforcing the strong economic ties between the two nations.

This accolade was revealed by Mozambique’s President, Filipe Nyusi, during the opening ceremony of the 48th International Trade Fair (DITF), popularly known as Sabasaba, on July 3, 2024.

President Nyusi underscored the importance of this economic partnership, noting that between 2018 and 2023, bilateral trade between Tanzania and Mozambique, including imports and exports, amounted to $250 million.

Additionally, the cumulative investment flow from Tanzania to Mozambique reached $143 million from 2013 to 2023.

“The DITF plays a crucial role in stimulating entrepreneurial growth,” President Nyusi remarked. “It fosters economic development for both nations through business investments and private sector engagement, alongside foreign capital.”

Tanzania’s President, Samia Suluhu Hassan, also praised the success of the exhibition, attributing it to the government’s efforts to enhance national, regional, and international cooperation, which have significantly bolstered the inclusive economy.

President Hassan highlighted that in 2023, the Tanzania Investment Centre (TIC) registered 504 projects worth 5.68 billion TZS, with exports soaring to 17.38 trillion TZS from 12.3 trillion TZS in 2019.

“The government’s dedication to infrastructure development is vital for facilitating business operations and transportation,” President Hassan stated.

She encouraged local businesses to leverage the opportunities presented by the exhibition to expand their reach into larger domestic, regional, and international markets.

The DITF, an annual event, serves as a platform for Tanzanian and Mozambican businesses to showcase their products and services, fostering mutual growth and collaboration.

The fair attracts participants from various sectors, including agriculture, manufacturing, and services, and offers a unique opportunity for businesses to network, share knowledge, and explore new markets.

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