Alred Urasa, Head of Banking Operations at Absa Bank Tanzania, addresses attendees during the South African Business Forum Tanzania (SABFT) meeting in Dar es Salaam, emphasizing the bank's support for connecting South African and Tanzanian investors. Photo: Courtesy
By The Respondent reporter
Dar es Salaam–
Members
of the South African Business Forum Tanzania (SABFT) have expressed gratitude
to both the Tanzanian and South African governments for addressing
long-standing tax concerns, particularly the issue of double taxation, which
has posed challenges for investors operating in both countries.
Speaking
at a business forum meeting in Dar es Salaam yesterday, SABFT Chairman, Mr.
Manish Thakrar, praised the collaborative efforts by government bodies,
chambers of commerce, and other stakeholders to resolve the issue. "The
challenge of double taxation has been a significant concern for South African
investors in Tanzania for many years. However, ongoing discussions and efforts
by both governments give us confidence that these issues will be fully resolved
by the end of this year," said Mr. Thakrar.
The
forum, sponsored by Absa Bank Tanzania and South African Airways (SAA), brought
together key stakeholders to discuss business relations between the two
nations. Mr. Thakrar highlighted the significant role SABFT has played since
its establishment in 1997, helping to connect investors from both countries and
facilitating large-scale investments in Tanzania through sectors such as
telecommunications, manufacturing, and food and beverages. These investments
have created jobs for Tanzanians and fostered the growth of local businesses.
He
commended Absa Bank Tanzania for sponsoring the event and for their continued
support in providing tailored financial solutions to businesses in both
countries. “I extend my heartfelt gratitude to Absa Bank Tanzania for their
generous sponsorship of this event, and we commend them for their efforts in providing
services and solutions that meet the needs of South African and Tanzanian
businesses," Mr. Thakrar said.
Ms.
Irene Rwegalulira, Director of Foreign Exchange Marketing at Absa Bank
Tanzania, representing the bank’s Managing Director, Mr. Obedi Laiser, echoed
the forum's sentiments and reiterated the bank’s commitment to supporting
foreign investors. "Platforms like this are essential because we act as
connectors, helping businesses navigate the financial services they need, such
as loans and foreign exchange, in compliance with Tanzanian regulations,"
she said.
Ms.
Rwegalulira also emphasized Absa's dedication to supporting the growth of
African businesses through their brand promise, "Your Story Matters,"
which reflects the bank’s commitment to empowering their clients and fostering
economic growth in both Tanzania and South Africa.
The
South African Business Forum Tanzania, which currently boasts 100 members from
a range of industries including banking, mining, and communications, has been
instrumental in enhancing trade and investment relations between the two
countries. The forum continues to play a crucial role in strengthening
bilateral ties and ensuring mutual economic growth.