Tanzania, Angola sign pact to boost trade, investments

Dar es Salaam. Tanzania and Angola are poised to boost trade and investment ties under the African Continental Free Trade Area (AfCFTA), aiming to unlock opportunities in sectors like agriculture, tourism, industry and the blue economy.

The two nations have pledged to deepen their economic cooperation, with President Samia Suluhu Hassan and President João Lourenço announcing new initiatives yesterday in Luanda, during President Samia’s official visit to Angola.

In a joint press briefing, President Samia revealed the signing of a Memorandum of Understanding (MoU) between the Tanzania Investment Centre (TIC) and Angola’s Agency for Private Investment and Promotion of Exports (AIPEX), a step aimed at strengthening bilateral trade and investment. 

The MoU aims to facilitate increased investment flows between the two nations.

“Given the immense opportunities available in our countries, including in agriculture, tourism, industry, and the blue economy, we have now resolved to enhance our efforts to expand the business and investment ties between our two countries,” President Samia shared.

She said that the need for both countries to leverage regional frameworks such as the Southern African Development Community (SADC) Free Trade Area and the African Continental Free Trade Area (AfCFTA).

“We also want together to further facilitate trade and encourage our business people to take advantage of the opportunities provided by the SADC free trade area and African continental free trade area to maintain this momentum,” she added. President Lourenço echoed similar sentiments, noting that economic cooperation must complement historical and political relations.

“It’s not enough to have the friendship as we’ve had, but we need to consolidate these bonds through economic and social development of our countries,” he said. 

The Lobito Corridor project has gained Tanzania’s backing as a key transcontinental trade route that could transform Africa’s connectivity.

President João Lourenço described the corridor as a strategic initiative that will connect the Atlantic Ocean to the Indian Ocean, linking Africa to global markets.

“It’s going to connect two oceans from the Atlantic to India, in such a way which will also connect the continents, the trade coming from Asia to Africa to Europe and the U.S.,” President Lourenço said.

“Its importance goes beyond the interest of our continent, and it will help reduce the price as much as it reduces the time of export of commodities.”

President Samia welcomed the discussion on the Lobito Corridor and said the project could benefit the broader region through improved logistics and trade infrastructure.

In another move to strengthen bilateral relations, Tanzania has announced that it will exempt Angolan citizens from the requirement of obtaining a tourist visa, a step aimed at promoting tourism, trade, and people-to-people ties.

“Today, I’m delighted to announce that Tanzania has reciprocated the exemption of tourist visas for the citizens of the Republic of Angola wishing to visit Tanzania,” President Samia said.

She noted that the decision would significantly facilitate travel and enhance investment opportunities between the two countries.