By P. Sarojini
Tanzania (CWBN)_ Tanzanian Chamber of Commerce President Paul Koyi expressed his interest in trading tea with Pakistan and invited investors from Pakistan to commence operations in Tanzania. Koyi made these comments at a meeting between the Korangi Association of Trade and Industry (KATI) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) held on Thursday.
He stated that Pakistan, one of the biggest importers of tea across the world, would save millions of dollars and greatly increase profits if they imported tea from Tanzania rather than routing it through Kenya.
Koyi said that Tanzania would be a good target market for Pakistani tea imports because Tanzania is one of the world’s largest producers of tea, while tea is one of the major import goods of Pakistan (in terms of volume). “Though there is a general belief that tea comes mainly from Kenya, one-third of tea is produced in Tanzania,” he stated. Koyi also detailed the benefits in Tanzania for Pakistani investors. “There are massive opportunities for investment in Tanzania, especially in agro-production and processing, pharmaceuticals, industrial production and manufacturing,” he said.
He also expressed confidence in the immense talent of Pakistanis in the industrial sector and invited Pakistani investors to Tanzania, stating that the African industrial sector is currently in need of investment. Koyi also highlighted some of the key features of the Tanzanian economy. He stated that agriculture, mining and tourism are some of the major contributors to the economy; mining comprises 70% of the country’s GDP. He added that Tanzania is a peaceful country which always welcomes investors from around the world.
Koyi revealed that Tanzania’s agricultural sector requires investment as it lacks processing units. “If we attract investment to the agro-processing industry, we will be able to export these products directly,” he said, with an apparent reference to Kenya – a direct exporter of tea and agro-products.
He also highlighted the natural beauty of Tanzania and invited Pakistani tourism companies to invest in Tanzania’s travel and tourism sector. He added that investors could choose from many options within the diverse tourism market in Tanzania, which ranged from adventure tourism to cultural, coastal, safari, and medical tourism and many other choices in between.
KATI President Saleemuz Zaman highlighted the cultural and historic similarities between Tanzania and Pakistan. “Both countries have huge potential to enhance the bilateral trade volume as well as economic relations,” he said. FPCCI Vice President Sheikh Sultan Rehman underlined that the trade between Tanzania and Pakistan increased from $107.4 million in 2018-2019 financial year to $154.8 million in 2019-2020 financial year.
A memorandum of understanding (MOU) was signed between the FPCCI and the Tanzanian Chamber of Commerce, Industry and Agriculture in order to develop the trade between the two countries through collaboration.
