Our Correspondent | Africa Guardian
Over 100 businesses and investors are expected to attend the Tanzania-Saudi Arabia Business and Investment Forum, set to take place in Riyadh from December 17 to 21. The event, organized by the Tanzania Investment Centre (TIC), aims to strengthen economic ties between the two countries.
Gilead Teri, the TIC Executive Director, highlighted that the forum will play a crucial role in boosting bilateral trade and investment, particularly in sectors such as agriculture, livestock, construction, oil and gas, transport and logistics, tourism, and mining.
As of last month, Saudi Arabia has invested $63 million in Tanzania, supporting 17 projects across agriculture, services, logistics, tourism, and infrastructure, creating 1,126 jobs. Teri emphasized that this forum offers Tanzania a significant opportunity to partner with Saudi Arabia, especially as the Kingdom diversifies its economy, with a focus on agricultural sector expansion.
Rafael Maganga, CEO of the Tanzania Private Sector Foundation (TPSF), confirmed the organization’s participation in the forum, with over 100 business delegates expected to attend. The primary goals of the mission include opening market opportunities for Tanzanian goods and services, particularly beef and agricultural products, as well as attracting foreign direct investment (FDI) from Saudi Arabia.
Maganga pointed out that FDI has substantial positive effects on employment and tax revenue, underscoring the importance of building partnerships between Tanzanian and Saudi businesses across multiple sectors. He also noted that Tanzania is exploring new sectors, including oil and gas and emerging technologies, where Saudi Arabia has made significant strides.
The forum will provide Tanzanian businesses with the chance to learn from Saudi Arabia’s experience through site visits and industry benchmarks, representing a unique opportunity to deepen economic cooperation and explore new avenues for growth and development.
___