Tanzania and Poland Sign MoU for Business Cooperation and Investment

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The signing of a cooperation agreement between PAIiIZ and Tanzania Investment Centre

July 21,2016, Dar es Salaam – The Tanzania and Polish Government recently came together to find ways to foster better economic cooperation and investment opportunities between the two countries. The growth in mutual trade relations between Africa and Poland is both encouraging and a reason for optimism. Tanzania in particular is regarded as the gate way to the East African Market with its harbor, railway and road network to land locked neighbors. About 65.4 % of Poland exports to Tanzania is mostly grain (mainly wheat) while textile and electrical components such as cables, insulated wire, electrical wires account for 21.7%. On the other side, Tanzania’s export to Poland is mainly tobacco which constitute 92.5 % of total export. The Business Forum was organized in collaboration between Tanzania Investment Centre (TIC), Ministry of Foreign Affairs Republic of Poland, Tanzania Private Sector Foundation (TPSF) & Invest in Poland (PAIiIZ) . The Polish delegation was led by Hon. Radoslaw Domagalski Deputy Minister of Economic Development who got the opportunity to engage with the Tanzanian business community. The forum was officiated by Tanzania Minister for Industry, Trade and Investment Honorable. Charles Mwijage (MP). In his opening remarks Hon. Charles Mwijage gave an overview of Tanzania as country and its business environment emphasizing that political stability and security where among the many reasons that make Tanzania a key destination for Investment and doing business. “Exports to Africa from Poland have enormous potential” the Minister cited, adding “We encourage Poland to import minerals from Tanzania and look forward to future cooperation in fields of medicine, medicine equipment, and energy sector” as he wound up.
In line with the vision of the President of the United Republic of Tanzania Hon. Dr. John Pombe Magufuli of realizing an industrialized Tanzania, proposed areas of cooperation between Tanzania and Poland which were cited as investment priorities were Manufacturing, Energy and transportation sectors. The delegation was also encouraged to take advantage of Economic Processing Zones to access a wider range of investor support services . The State Development Bank of Poland on it’s part is encouraging polish companies to engage more in importation & exportation by providing loan facilities and taking up most of the risk by charging an interest of 2%. Talks with local banks such as Standard Chartered, Equity Bank, NMB and KCB to offer such a facility are already underway.
The climax of the business forum was the signing of a Memorandum of Understanding for cooperation on economic development between the two countries. The MoU was signed by the Polish Information and Foreign Investment Agency S.A (Invest in Poland) and Tanzania Investment Centre.

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