Dubai International Chamber (DIC) has signed an MoU with the Tanzania Chamber of Commerce, Industry and Agriculture to enhance cooperation and promote the flow of trade and investments.

 

Successfully concluding its trade mission to Tanzania, DIC also facilitated 408 business meetings between companies from Dubai and Tanzania to foster new partnerships and capitalise on mutually beneficial trade and investment opportunities.

 

The MoU is aimed at strengthening collaboration between companies from Dubai and Tanzania and encompasses the organisation of trade missions, conferences, and business events. The two parties will also work together to share expertise, exchange information, and explore opportunities for mutual cooperation in business policies and investments.

 

Business forum

As part of the trade mission, the chamber organised a business forum in Dar es Salaam titled ‘Doing Business with Tanzania’ with the support of the Embassy of United Arab Emirates in Dar es Salam; the Embassy of the United Republic of Tanzania in the UAE; the Tanzania Chamber of Commerce, Industry, and Agriculture; the Tanzania Investment Centre; the Tanzania Trade Development Authority, the Tanzania Private Sector Foundation; and the Confederation of Tanzanian Industries.

 

The event featured speeches by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, Khalifa Abdulrahman Almarzooqi, Ambassador of the UAE to the United Republic of Tanzania; Hon Dr Selemani Saidi Jafo, Minister of Industry and Trade, United Republic of Tanzania; Vicent Bruno Minja, President-Board Chairman of the Tanzania Chamber of Commerce, Industry & Agriculture, and Lt Gen Yacoub Hassan Mohamed, Ambassador of the United Republic of Tanzania to the UAE. The forum was attended by 461 participants including senior officials, business leaders, and Tanzanian companies seeking to explore partnership opportunities with members of the chamber’s delegation.

 

Lootah commented: “DIC’s trade mission to Tanzania comes as part of our strong commitment to enhancing economic and trade relations with promising African markets. This trade mission 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.”

 

According to Dubai Customs data, the value of non-oil trade between Dubai and Tanzania achieved 9% year-over-year growth in 2023 to reach a value of AED9.8 billion ($2.7 billion). A total of 274 companies from Tanzania were registered as active members of Dubai Chamber of Commerce as of the end of September 2024.

 

Latest updates

During the forum, DIC shared the latest updates on Dubai’s trade and economic landscape, highlighting the emirate’s competitive advantages to Tanzanian companies. The event also included presentations outlining the significant opportunities available for companies from Dubai in the Tanzanian market.

 

The chamber has identified several promising export sectors from Dubai to Tanzania, including automotive components, electric bikes, car tyres, vehicle engines, cooking oils, textiles, and wheat. The most attractive sectors for investment in Tanzania include energy and mining, pharmaceuticals, real estate, agriculture, and manufacturing.

 

The trade mission featured representatives from 32 private sector companies in Dubai representing diverse industries including construction and building materials, engineering, food and beverages, storage and retail, oil and gas, electrical appliances, healthcare, energy, the automotive sector, agritech, and information technology.--TradeArabia News Service