By Charles Mkoka
Dubai Chambers has signed a Memorandum of Understanding (MoU) with the Tanzania Chamber of Commerce, Industry, and Agriculture (TCCIA) to strengthen collaboration and enhance the flow of bilateral trade and investment.
The agreement was signed during the ‘Doing Business with Tanzania’ forum in Dar es Salaam, organized by the Dubai International Chamber, one of the three chambers under the Dubai Chambers umbrella.
The MoU aims to facilitate closer cooperation between businesses in Dubai and Tanzania through trade missions, conferences, and business events. It emphasizes sharing expertise, exchanging information, and exploring opportunities in business policies and investments for mutual benefit.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the significance of the trade mission.
“This initiative creates an exceptional opportunity to build bridges of cooperation between the business communities in Dubai and Tanzania and open new avenues for strategic partnerships that will contribute to mutual growth and prosperity,” he said.
TCCIA President Mr. Vincent Bruno Minja praised the historical ties between the two regions as a gateway for Tanzanian goods to reach global markets.
He emphasized the importance of this relationship in fostering trade, with Tanzania exporting agricultural products, minerals, and gemstones while importing essential manufactured goods, machinery, and pharmaceuticals from Dubai.
The value of non-oil trade between Tanzania and Dubai increased by 9% in 2023, reaching USD 2.7 billion. The agreement is expected to bolster key sectors such as agriculture, minerals, manufactured goods, and pharmaceuticals.
Mr. Minja also identified critical areas for further collaboration, including tourism, infrastructure development, energy, and technology.
The forum showcased Dubai’s competitive trade and economic advantages to Tanzanian businesses. It also featured business meetings and presentations between companies from both regions, fostering new partnerships and exploring mutually beneficial trade and investment opportunities.
Sectors identified as most attractive for investment in Tanzania include energy and mining, agriculture, real estate, and manufacturing, while Dubai-based companies showed interest in construction materials, food and beverages, oil and gas, healthcare, Agri-tech, and information technology.
As of September 2024, 274 Tanzanian companies were registered as active members of Dubai Chambers, reflecting the growing engagement between the two regions.
Representatives from 32 Dubai-based businesses across diverse industries participated in the event, alongside senior officials, business leaders, and Tanzanian companies seeking partnership opportunities.
The forum was organized with the support of the Embassy of the United Arab Emirates in Dar es Salaam, the Embassy of the United Republic of Tanzania in the UAE, TCCIA, the Tanzania Investment Centre (TIC), the Tanzania Trade Development Authority, and the Confederation of Tanzanian Industries (CFI Tanzania). These organizations played a pivotal role in ensuring the success of the event.
The signing of the MoU marks a significant milestone in enhancing trade and investment relations between Dubai and Tanzania. With platforms like this forum, both regions continue to pave the way for a prosperous future, leveraging their historical ties and shared commitment to economic growth.