The private sector has been called upon to identify areas that Tanzania and Mauritius investors can establish joint ventures in order to exploit untapped potentials of the two countries.
This was said on Monday in Dar es Salaam by Industry, Trade minister Cyril Chami at the opening of the buyers sellers meeting organised by Enterprise Mauritius.
The meeting involved members of the Tanzania business community and a delegation of 27 firms from the Indian Ocean Islands.
The delegation comprised representatives from textile and garments, agro processing, publishing, footwear and handicrafts, light engineering industries, chemicals and plastics.
Chami said the joint venture undertakings would be implemented for the mutual benefits of the two countries so as to increase trade and investment.
Citing, he said, about 80 percent of the locally produced cotton was exported raw and only about 20 percent was processed and used locally.
With 2.6 million pieces of hides and skins per annum, he said Tanzania is the second largest producer of leather in Africa but its local tanning capacity was only 10 percent, leaving the rest to go for export in raw form.
He however assured the Mauritius business community that the government will support and facilitate any initiative aimed at investing in Tanzania.
For his part, Mauritius Industry, Commerce and Consumer Protection minister Cader Sayed Hossen said the meeting will enable the participants to learn from each other on matters relating to trade and investment.
He said the meeting will also enable them to explore all possibilities for strengthening bilateral relations between Tanzania and Mauritius.
Minister Hossen however underscored the importance of regional integration and bilateral relations, a viable solution to developing economies like Tanzania and Mauritius taking into account the economic recession the world has experienced and the problems in the Eurozone.
He said the meeting is aimed at enhancing and promoting trade and investment between Tanzania and Mauritius.