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MULTIMEDIA
May 27, 2012
 
 
 
 
 
 

President Kikwete urges Turkish firms to invest in Tanzania

Tanzanian President Jakaya Mrisho Kikwete was presented a plaque of appreciation by TUSKON President Rızanur Meral at the Turkey-Tanzania Trade and Investment Forum.
22 February 2010 / BAYRAM KAYA, İSTANBUL
Tanzanian President Jakaya Mrisho Kikwete has called on Turkish businessmen to take advantage of investment opportunities in Tanzania and said the trade volume between the two countries should be increased from its current level of $66 million to billions of dollars within the next five years.

Delivering a speech on Saturday at the Turkey-Tanzania Trade and Investment Forum, organized by the Turkish Confederation of Businessmen and Industrialists (TUSKON) and attended by Turkish Foreign Trade Minister Zafer Çağlayan, Kikwete briefed delegates on the benefits provided to investors in Tanzania.

Companies investing in the country are relieved of the requirement of paying corporate tax until their businesses start to make a profit, he said, adding that these companies are also allowed to transfer their profits to their home countries. Offering lucrative opportunities to investors, Tanzania is in urgent need of investment in various fields ranging from melon production to energy, the president noted. He explained that a US-based aluminum firm, which plans to invest in Tanzania, needs 600 megawatts of electricity, while the country’s total electricity capacity is only 700 megawatts. “Another American firm wanted to import 40 containers of melons from us, but we could not meet this demand due to a supply shortage. In short, we need investment, immediately. Come and invest, customers are waiting,” he said.

Kikwete predicted that trade volume between Turkey and Tanzania will increase steadily with the abolition of visa requirements between the two countries. An agreement for visa exemption was signed during Kikwete’s four-day visit to Turkey.

With a population of 300 million, Tanzania is a gateway to the African market, Kikwete pointed out. “By investing in Tanzania, you can also reach neighboring countries easily, along with taking advantage of preferential trade agreements signed between Tanzania and countries such as China, Japan, the US and India. It is much easier to export to these countries through Tanzania,” he said. Kikwete listed agriculture, energy, tourism and precious metals as sectors that offer lucrative investment opportunities.

TUSKON President Rızanur Meral, recalling that the two countries’ trade volume has increased to $66 million over the past two years, said their target is to raise this figure to $500 million in the near future. “Tanzania offers lucrative and attractive opportunities in a number of sectors such as construction, construction equipment, tourism, real estate, petrochemicals, textiles, food, furniture, automotives and retail,” he stated.

Meral said that TUSKON put Africa on Turkey’s agenda with its activities in line with the government’s export strategy to expand towards African markets, adopted in 2006. As opposed to the past, when Africa was a complete unknown for Turkish businessmen, now, he stressed, Africa has become one of the most important markets for them.

Çağlayan, speaking at the event, also said that the trade volume between Turkey and African countries had risen from $5 billion to $16 billion over a period of five years, by the end of 2008. The share of exports to Africa in overall exports also increased from 4 percent to about 10 percent in 2009, he added. “We export goods worth $55 million to Tanzania, while Tanzanian imports to Turkey amount to $11 million. We hope exports and imports will be more balanced in the future,” Çağlayan noted.
 
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