Tanzania and the UAE have held talks around strengthening trade and investment relations between the two countries.
Tanzania and the UAE held a meeting last week to discuss the strengthening of trade and investment relations between the two countries. The meeting, held between H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade from the Ministry of Economy, and Dr. Ashatu Kijaji, the Minister of Investment, Industry and Trade of Tanzania, took place during the visit of a Tanzanian delegation to the UAE.
Tanzania and the UAE: Record non-oil trade in 2022
The meeting centered on areas of shared interest and the generation of opportunities for businesses in both countries. H.E. Al Zeyoudi stated that the record growth in the UAE-Tanzania non-oil trade serves as a solid foundation for achieving greater economic integration between the two countries. Non-oil trade between the two reached USD 2.5 billion in 2022. H.E. Al Zeyoudi also highlighted opportunities in logistics, travel, tourism, mining and more.
“Tanzania is a key trading partner of the UAE as our non-oil trade exchanges continue to grow. We look forward to further strengthening our existing cooperation and expanding the scope of trade and investment relations to broader levels,” he said. “As the second largest economy in East Africa and an important gateway to promising markets in the continent. There exist numerous opportunities for partnership and cooperation between the UAE and Tanzania in various vital sectors. These include food security, logistics, tourism, and mining, which provide more room for expansion for the country’s private sector.”
“Solidifying trade and investment”
Dr. Ashatu Kijaji spoke of Tanzania’s desire to solidify trade and investment relations with the UAE, she said, “Tanzania is an ambitious country and we look forward to expanding our trade relations with our partners from around the world. We are also developing a future economy that can meet the needs of the 21st century, and the consolidation of ties with the UAE – a key trade and investment partner – can help us expedite the achievement of our goals.”
Tanzania is the second largest economy in East Africa and has recovered quickly from the impact of the pandemic. The government expects economic growth reaching 5.6% in 2023. The country is an important hub for logistics services and boasts a series of developed ports on the Indian Ocean, which make it a sea gateway to many sub-Saharan African markets. The country also has a promising agricultural sector, which accounts for about 85% of its total foreign exports.
11% yearly trade growth
The non-oil trade exchange between the UAE and Tanzania reached USD 2.5 billion in 2022, growing 11% from the year before. In 2022, Tanzania became the UAE’s fourth largest trading partner among non-Arab African countries, accounting for 7.2% of the country’s total non-oil exports, behind Kenya, South Africa, and Nigeria. Tanzania is a key partner in DP World’s DUBUY digital platform that aims to connect businesses from Africa with regional and international markets.