Tanzanian President Inaugurates Egyptian-Tanzanian Business Forum… and witnesses the signing ceremony of MoU on boosting investment relations between the two countries
Samia Hassan: the government would provide all possible incentives to the Egyptian businessmen wishing to invest in Tanzania.
H.E. President Samia Hassan, President of the United Republic of Tanzania, visited the headquarters of the General Authority for Investment and Free Zones (GAFI) to inaugurate the Egyptian-Tanzania Business Forum yesterday.
Upon her arrival at GAFI, the Tanzanian president was greeted by GAFI CEO Counselor Mohamed Abdel Wahab.
During the visit, the Tanzanian President was accompanied by the Tanzanian Ministers of Foreign Affairs, Education and Energy, and the President of Tanzania Investment Center (TIC)., Minister of State of Immigration and Egyptian Expatriates Affairs Ambassador Nabila Makram, Head of the Honorary Mission accompanying the Tanzanian President, and Egypt's Ambassador to Tanzania participated in the events of the Forum.
The Forum witnessed a distinguished presence of a large number of Egyptian businessmen, whether they have investments in Tanzania, or those interested in investing in Tanzania in the future, among which Chairman of the Board of Directors of the Federation of Egyptian Industries (FEI) Eng. Mohamed Zaki El-Suwaidi; President of the Chamber of Chemical Industries in FEI Eng. Sherif El-Gabaly; Chairman of the Agricultural Export Council Eng. Abdel Hamid Demirdash; Chairman of the Board of Directors of Banque Misr Mohamed El-Etreby; Chairman of the Board of Directors of the Arab Contractors Company Eng. Sayed Farouk; CEO of Orascom Construction Group Eng. Osama Beshai; the Secretary General of the Federation of Egyptian Chambers of Commerce Dr. Alaa Ezz; Managing Director of El Sewedy Electric Eng. Ahmed El Sewedy; CEO of Integrated Diagnostics Holdings Dr. Hend El Sherbini; Vice President of Hassan Allam Company Eng. Ahmed El Kafoury; and President of the Egyptian Junior Business Association Gamal Abu Ali.
The Forum discussions tackled the elements of joint investment between the two countries, investment opportunities in Tanzania, and the role of the Egyptian government and the Egyptian business community in supporting the Tanzanian economy.
The Tanzanian President welcomed Egyptian investors to explore more investment opportunities in the sectors of agriculture, livestock, industry, energy, mining, transportation, and education. She stressed that her government would provide all possible incentives to the Egyptian businessmen wishing to invest in her country.
On his part, Counselor Mohamed Abdel-Wahab assured the strength of the investment relations between the two countries, and the continuous coordination between GAFI and all the authorities concerned with the investment file in Tanzania; especially the TIC, which is the main agency of the government for coordinating, encouraging, promoting and facilitating investment in Tanzania.
The two sides agreed to put into action the recommendations of the first session of IPAs Africa Froum, which was hosted in Sharm El-Sheikh the present year. One of the most important items of those recommendations was to boost investment partnerships, and to determine an effective mechanism to facilitate the exchange of investment data and information between the two countries.
Abdel-Wahab announced that GAFI had organized a number of visits, for Egyptian investors to Tanzania, to discuss the possibility of setting up joint projects, and to explore the opportunities available on the ground.
He also affirmed the readiness of GAFI to transfer technical and administrative experience in creating investment opportunities and promotion mechanisms to the United Republic of Tanzania, which would enhance the capabilities of Tanzania to compete in the regional and global market.
During her presence at GAFI's headquarters, the President of the United Republic of Tanzania witnessed the signing of MoU to strengthen investment relations between GAFI and the Tanzanian Investment Center. Such MoU aims to develop an integrated strategy for investment cooperation between Egypt and Tanzania, including the exchange of information regarding investment opportunities in sectors with distinctive investment capabilities, introducing laws, regulations and policies related to the investment environment, facilitating the flow of investment between the two sides. Moreover, the strategy includes activating the establishment of joint investment projects between companies from the two States, in addition to providing mutual support to investors, and joint solutions to any challenges that may face investment in both States.
President Samia Hassan also had a tour in the Investor Services Center (ISC), which includes delegates from 67 governmental and non-governmental entities providing services to investment activities.
During the tour, Counselor Mohamed Abdel Wahab gave a detailed explanation to the President of Tanzania about GAFI's efforts in promoting investment opportunities. He also reviewed Egypt's investment map, which includes more than 2,800 investment opportunities in all sectors, in addition to the laws, legislation, and procedures regulating the investment environment in Egypt.
It is worth mentioning that Tanzania is one of the largest economies of the East African Community. The Tanzanian government is working to attract more foreign direct
investment in various economic sectors, especially the sectors of agriculture, livestock, fisheries, industry, mining and tourism.
From this point of view, investment relations are one of the most important pillars of economic relations between the two States. Many Egyptian companies are working in many economic and development fields in Tanzania, and among the most important of these investment projects is the construction and establishment of Julius Nyerere Dam, through the cooperation between the Arab Contractors Company and El Sewedy Electric Company.