50 Egyptian companies interested in investing in Tanzania

Dar es Salaam. At least 50 Egyptian companies are interested in investing in Tanzania and over half of them have gone a step further by sending their representatives to discuss investment modalities with authorities in the country and in Zanzibar.

The minister for Foreign Affairs and East Africa Cooperation, Ambassador Liberata Mulamula said at an occasion to mark the 70th anniversary of the National Day of Egypt on Tuesday night in Dar es Salaam that 31 out of the 50 Egyptian companies have sent representatives who have held discussions with Tanzania Investment Centre (TIC) and Zanzibar Investment Promotion Authority (Zipa).

“We want to do business; we are here for business,” she said, calling upon more Egyptian investors to bring their money to Tanzania and adding that the East African country had predictable policies; the right legal framework as well as institutions which provide a conducive business environment.

Tanzania, she observed, would also like to learn more about how Egypt promotes its tourism, noting that the National Day is special because the people of Egypt are celebrating decades of change, transition, economic growth and human progress and that the country has evolved and transformed itself throughout history but has always maintained and sustained its rich culture.

“We have been receiving medical doctors and specialists from Egypt who have been providing their expertise at our national hospitals and Muhimbili National Hospital (MNH) and Mnazi Mmoja Referral Hospital in Zanzibar,” she said.

The Egyptian Ambassador to Tanzania, Mohamed Gaber Abulwafa, said that high level visits on both sides has allowed a large number of Egyptian companies and businessmen to consider the available opportunities for doing business in Tanzania.

He said that according to TIC, Egypt at the moment ranks number eight on the list of foreign investments in Tanzania with investments worth over US dollars 1.34 billion generated from 25 companies since 2020/21.

“Egyptian companies and businessmen are considering available opportunities in various fields mainly in agriculture, food processing, livestock, fisheries, medicine, tourism, leather manufacturing and fertilizer production,” he said.

He said that many Egyptian companies have started working in Tanzania hand in hand with the government in projects that support the country’s development and industrialization efforts such as the construction of Julius Nyerere Hydropower project and reiterated his government’s support to Tanzania’s development agenda.

The National Day of Egypt is celebrated on July 23, which coincides with the annual celebration of the Egyptian revolution of 1952 when the modern republic of Egypt was declared, ending the period of the Kingdom of Egypt.