The United Republic of Tanzania and the Republic of South Africa signed memorandum of understanding (MoU) in matters related to defense and security, trade, and investment, as well as education and cultural development.
This comes about following the continuous efforts of Tanzania’s President to promote investment opportunities in Tanzania, as South Africa is among the biggest contributors of Foreign Direct Investment (FDI).
H.E Dr. Samia Suluhu Hassan met Mr. Ramaphosa in Pretoria where her delegation of Cabinet ministers discussed trade opportunities and possible agreements with their South African counterparts. “We have agreed to enhance our cooperation in the areas of trade and investment considering that South Africa is among the main sources of direct foreign investment in Tanzania,” said Dr. Samia, adding that tourism and manufacturing are the leading sectors for investment.
“To the people of South Africa and the people of Tanzania, this means more trade, more investment opportunities, more transfer of technologies, more education opportunities and more cultural interaction,” she added.
President Ramaphosa said trade volumes between Tanzania and South Africa continued to increase but could be improved further.
Mr. Ramaphosa said the state visit by President Hassan will further strengthen the bilateral political and economic relations between the two countries and enhance the work of the bilateral national commission (BNC).
“We must use this opportunity to explore further areas of cooperation,” he said.
“I am pleased to learn that several Agreements and MoUs between our departments are currently at various stages of negotiation and will soon be signed and subsequently implemented,” he added.
One of the key priorities of the BNC is to increase trade and investment to promote economic development for the mutual benefit of the two countries.
“To do this, we need to address any impediments and create a conducive environment for bilateral trade and investment to flourish,” he said.