Egypt plans to expand investments in Tanzania, currently its eighth-largest foreign investor. This includes key sectors such as technology, health, and energy, highlighted by the upcoming Julius Nyerere Hydropower Dam. The initiative aims to strengthen historical ties and promote further economic cooperation between the two nations, with a focus on the favorable business environment in Tanzania.
Egypt has announced plans to significantly increase its investments in Tanzania, specifically targeting sectors such as technology, education, health, agriculture, and infrastructure. This initiative aims to strengthen historical ties between the two nations and marks the beginning of an enhanced collaborative era. These plans were revealed during a two-day official visit by Egypt’s Minister of Foreign Affairs, Dr. Badr Abdelatty, accompanied by notable Egyptian business leaders.
During the visit, discussions focused on finalizing the launch date for the Julius Nyerere Hydropower Dam, an ambitious multi-billion-dollar project now almost complete at 99.9%. The dam is anticipated to revolutionize Tanzania’s energy sector and also provide the region with broader energy benefits. The inauguration is nearing, with Egyptian President Abdel Fattah el-Sisi expected to attend due to the collaborative efforts in its establishment.
Dr. Abdelatty expressed aspirations for the Egypt-Tanzania relationship to serve as a benchmark for cooperation among Nile Basin countries. He stated, “We aspire for the relationship between Tanzania and Egypt to set a benchmark for brotherhood and cooperation among Nile Basin countries. This is our shared vision.” The efforts surrounding the hydropower dam signify a substantial commitment to energy security and investment in infrastructure.
Tanzanian Minister for Foreign Affairs and East African Cooperation, Mr. Mahmoud Thabit Kombo, emphasized the importance of the discussions, stating, “This is a pivotal moment. We are not just discussing trade; we are reinforcing a historic relationship with a vision for the future.” Both countries recognize the potential for more extensive economic cooperation beyond the current $1.367 billion investment, which currently provides around 3,800 jobs in Tanzania.
In light of this, Mr. Kombo remarked, “The time has come to expand our partnership. The opportunities between our two nations are immense, and this visit is a crucial step towards harnessing them.” Dr. Abdelatty further noted the favorable business landscape in Tanzania, influenced by President Samia Suluhu Hassan’s efforts in promoting an appealing investment environment, igniting interest from Egyptian entrepreneurs and investors looking to tap into Tanzanian opportunities. He stated, “We are encouraging our small and medium-sized enterprises (SMEs) to look to Tanzania.”
In summary, Egypt is set to enhance its investment presence in Tanzania, targeting critical sectors for mutual growth and development. The imminent inauguration of the Julius Nyerere Hydropower Dam signals a significant collaboration between both nations, laying the groundwork for future investments and stronger bilateral relations. With promising opportunities identified, both countries are poised for deeper cooperation in the spirit of mutual benefit.
Original Source: www.thecitizen.co.tz
