Norway eyes TZ in investment drive

Dar es Salaam. Norway is targeting Tanzania as an entry point for increasing its investments in areas of petroleum, energy and fishing in the East African region.

The visiting Norwegian minister for Industry and Trade, Ms Monica Maeland, said in Dar es Salaam yesterday that economic growth in East Africa is creating space for the European country to increase the value of its investments in the region with Tanzania being its priority area.

“Norwegian investors are keen to absorb economic potentials available in Tanzania and other East African countries. The world economy is drifting towards Africa and Asia. We have to increase investments in this region,” she said at a forum for economic partnership between Tanzania and Norway in the city yesterday.

While the economy of Europe grows at an average of one per cent annually, that of Tanzania is predicted to grow at a rate of 7.2 per cent this year.

“If you want to go fast go alone, but if you want to go firm and fast don’t go alone,” she said when advising Tanzanians to cement economic partnership with Norwegians.

Foreign Affairs and International Cooperation Minister, Mr Bernard Membe said trade relations between Norway and Tanzania have been expanding in recent years, with the latter’s exports to the European nation rising from Sh1.6 billion in 2010 to Sh6.9 billion in 2014.

East Africa’s second largest economy export coffee, tea, spices and minerals to Norway while the European nation exports fishing gear and equipment, essential oil and gas tools and industrial products to Tanzania.

Norway’s exports to Tanzania rose from Sh23.3 billion to Sh73.1 billion in the same period. The Norwegian Ambassador to Tanzania, Ms Hanne Marie Karstad, said her country was committed to supporting Tanzania’s target of attaining a middle income status through increased economic partnership between investors from the two countries.

“We believe that our economic partnership should be centred on private sector development. Our priority sectors include aquaculture and energy sectors especially the petroleum sub sector,” said Ambassador Karstad.