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| Minister of Finance, Hon. Balozi Khamis Mussa Omar, speaks at the BCIU Investment Meeting in Washington D.C., discussing investment opportunities. |
Tanzania is fully prepared to become a hub for investment in Africa, welcoming American investors to seize the numerous opportunities available across various economic sectors.
The Minister of Finance, Hon. Ambassador Khamis Mussa Omar said as he led Tanzania's delegation at the Investment Conference organized by the Business Council for International Understanding (BCIU), held at the BCIU offices in Washington D.C., USA, alongside the World Bank and International Monetary Fund (IMF) Autumn Meetings.
Hon. Ambassador Omar explained that Tanzania is continuing to strengthen its economy and create a friendly environment for business and investment, with its economy projected to grow at a rate of 5.5% in 2024 and expected to reach 6.0% in 2025.
This growth is driven by key sectors such as agriculture, manufacturing, mining, construction, and financial services."The government is working to improve the business environment and attract long-term investments to ensure the private sector fully plays its role in boosting the economy," said Hon. Ambassador Omar.
He added that trade relations between Tanzania and the United States are rapidly improving, with the trade value between the two countries reaching 1.4 billion US dollars in 2024, while direct investment from the US has increased from 12.3 million dollars in 2020 to 40 million dollars in 2023.
Explaining the available opportunities, Hon. Ambassador Omar said that Tanzania possesses significant mineral wealth essential for clean energy, such as graphite, nickel, and rare minerals, emphasizing that the country welcomes partnerships to add value rather than just selling raw materials.
"We prefer not to sell raw stones, but we welcome collaboration from mining to the production of high-value end products, and Tanzania has a large market of young people in need of digital services, making it a unique opportunity for technology investors as well," he concluded.
Tanzania aims to become a food hub for Africa and the world, encouraging investment in modern agriculture and crop processing while , the health sector, infrastructure, and special economic zones (SEZs) present significant opportunities due to high demand in both local and regional markets.
Furthermore, the Tanzanian Ambassador to the United States, Hon. Dr. Elsie Sia Kanza, mentioned that the meeting with American investors is part of efforts to attract more capital from the U.S. through economic diplomacy.
Tanzania is beginning to implement the National Development Vision 2050, which aims for the country to achieve a GDP of 1 trillion U.S. dollars by the year 2050, with private sector investment expected to play a crucial role.