This economic principle has opened Tanzania to both local and international investment opportunities, all of which have been profitable for the country.
The business culture that the current Tanzanian government has in place has also made Tanzania and Zanzibar an attractive destination for businesses around the world, as more investors from different regions continue to show interest in setting up shop in Tanzania.
As a result, more than 600 investors from the 27-member European Union (EU) are set to attend a monumental business forum in the capital Dar es Salaam, in February. The forum is centered on taking advantage of Tanzania’s current pro-business policies and to discuss future strategies to strengthen investment and trade relations between East African countries and Europe.
“The EU is branded as a global gateway. This is a European strategy to increase investment especially in Tanzania and bring public and private money to the main sectors of the country. the head of EU cooperation, Mr. Cédric Merel stated.
These European nations want to double what is now a familiar relationship between the two sides.
Since coming to power, President Samia Suluhu Hassan has insisted on expanding Tanzania’s business portfolio through partnerships with African and Non-African countries.
During 2022, the Tanzanian president visited many countries to do this, while also receiving business visits from foreign delegates. During the year, he was able to establish working relationships with countries like Kenya, South Korea, China, USA, Belgium and others.
As a result, the 2022 EU Investment in Tanzania Report 2022 shows that EU exports to Tanzania are worth €856 million (about Sh2.1 trillion) in 2021, while imports are worth €456 million (about Sh1.1 trillion).
About 100 companies from Europe have investments in Tanzania creating about 151,000 jobs. It is based on a report prepared jointly by the EU Delegation and the European Business Group (EUBG).