President Samia invites Norwegian investors into Tanzania

Dar es Salaam. President Samia Suluhu Hassan took her pro-business approach to Norway on February 13, detailing several factors why Norwegian investors should consider Tanzania as their investment destination of choice.

Addressing a forum involving Tanzanian and Norwegian businessmen and investors in Oslo, Norway President Hassan emphasised Tanzania’s burgeoning economic landscape, citing projections by the International Monetary Fund (IMF) that earmark the nation to be among the 20 fastest-growing economies worldwide in 2024.

“This is a remarkable opportunity for Norwegian investors to partake in our nation’s economic journey,” she remarked.

Highlighting Tanzania’s political stability, President Hassan underscored the country’s democratic framework, characterised by a multi-party system and commitment to principles of good governance, human rights, and the rule of law.

Geographically endowed with strategic advantages, Tanzania boasts the ports of Dar es Salaam, Mtwara and Tanga, which are pivotal gateways to several neighbouring African countries, the Head of State assured Norwegian investors.

Tanzania’s seaports are also used by neighbouring countries of the Democratic Republic of Congo, Zambia, Malawi, Uganda, Rwanda, Burundi and partly Mozambique and Zimbabwe.

She expounded on this geographical advantage, emphasising the port’s pivotal role in facilitating trade and commerce across the region.

“Our strategic location positions Tanzania as a hub for investment and trade, offering unparalleled access to regional markets,” she said.

Economically, President Hassan painted a picture of stability and resilience, citing the country’s economic policies and a projected GDP growth rate surpassing six percent next year, as it was before Covid-19.

The president also outlined five key areas ripe with opportunities. These encompassed renewable energy, agriculture, oil and gas, investment funds, and infrastructure and transportation.

Though trade data between the two countries was difficult to come but latest available data shows Tanzania remains one of Norway’s 10 partner countries for long-term development, according to information posted on the website for the Royal Norwegian Embassy in Dar es Salaam.

Norway’s priority sectors for Tanzania include issues to do with private sector development, renewable energy, and petroleum management; increased revenue mobilisation through improved fiscal and financial management; and environment and climate change.