Tanzania-Israel extend investment links

Tanzania and Israel have agreed to extend the bilateral ties between the two countries so as to create a potential link to businesses and investment from public and private sectors with the intention of pushing for netter commercial ties.

Speaking when opening a two-day Tanzania-Israel Business and Investment Forum (TIBIF) 2015, Minister of State in the Prime Minister Office (Investment and Empowerment), Christopher Chiza said both countries will explore areas of business and investment cooperation, tape the potential economic benefits as well as cement the people to people and business to business ties while maintaining the steady development momentum of bilateral ties through economic partnership.

Chiza also said that TIBIF 2015 has been convened in order to attract investments into Tanzania in recognition of the fact that engagement of private sector investors is indispensable in Tanzanians in achieving the collective goal of sustainable development and inclusive economic growth.

The minister also said that Tanzania is committed to the implementation of the government roadmap for improvement of the business environment and the country’s investment climate.

“The roadmap encompasses various regulatory reform interventions aimed at reducing the time and costs incurred by the private sector in the course of doing business or investing in Tanzania,” he said.

He added: “The intervention includes policy, legal, and institutional reforms with a view to putting in place an enabling environment for the private sector to effectively play its role as the engine of economic growth.”

He pointed out that the reforms also include measures to improve efficiency in operations at the Dar es Salaam port and facilitate transit trade along the central corridor and other transport corridors which are linked to more than seven land locked countries.

The minister told the Israel businesses which came for the forum that Tanzania enjoys remarkable political stability and peace which constitute a fundamental ingredient for attracting private sector investments.

“Tanzania is enjoying an abundance of natural wealth which offers tremendous investment opportunities for investors. These include an excellent geographical location, arable land, mineral deposits and raw material supply as well as regional and international market with abundant and inexpensive labour,” he said.

Israel’s Agency for International Development Cooperation Deputy Director General, Ambassador Gil Haskel, for his part, said: “We welcome private sector in Tanzania to come in our country and take potential technology, we believe it’s only the private sector that will do for Tanzanians.”

He added: “I believe that the tool of transforming the technological transfer from Israel to Tanzania is the private sector, private sector from Tanzania has to make good action.”

The Tanzania-Israel Business and Investment Forum (TIBIF) was firstly organised in 2014 by the Kingdom Leadership Network Tanzania (KLNT) in conjunction with the Tanzania Investment Centre together and the Tanzania Private Sector Foundation (PSPF).

The forum aims to link Israel and Tanzanian businesses and projects from both private and public sectors with the intention of pushing for commercial ties between the two countries and maintaining the steady development momentum of bilateral ties through economic partnerships.
Source: The Guardian reported by Prosper Makene, from Dar es Salaam, Tanzania
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