MORE than 100 businesses and investors are set to participate in the Tanzania-Saudi Arabia business and investment forum organized by the Tanzania Investment Centre (TIC) in the Saudi capital of Riyadh next month.

Gilead Teri, the TIC executive director, said at a press conference in Dar es Salaam yesterday that the forum slated for December 17 to 21 is expected to have a significant impact in boosting bilateral economic ties.

The forum is chiefly intended to foster trade and investment particularly in agriculture, livestock, construction, oil and gas, transport and logistics, tourism and mining, he said.

As of last month Saudi Arabia had invested $63m in Tanzania, creating 1,126 jobs in 17 projects in agriculture, services, logistics, tourism and infrastructure, he said, highlighting that Saudia has been actively working to diversify its economy, particularly agro-sector expansion.

“It is important for Tanzania to tap into this opportunity and collaborate with Saudi Arabia as it seeks to broaden its economic base," he said, while Rafael Maganga, the Tanzania Private Sector Foundation (TPSF), chief executive officer, confirmed that the umbrella body will also be part of the mission to Saudi Arabia.

 “We expect over 100 business delegates to travel,” he said, noting that the primary goals of the mission include opening up market opportunities for goods and services.

They also include expanding Tanzania’s exports to Saudi Arabia (particularly beef and agricultural products) and attracting foreign direct investment (FDI) from that country, he specified.

FDI flows have significant multiplier effects on employment and tax revenue, he said, pointing at the need to establish partnerships between Tanzanian and Saudi businesses across various sectors.

“Tanzania is opening up new sectors where Saudi Arabia has made significant advancements, such as oil and gas and emerging technologies,” he stated, elaborating that the mission would provide Tanzanian businesses with the opportunity to grow.

Participants will be exposed to Saudi Arabia’s experience in visiting different industry sites to benchmark best practices in the market, thus the forum represents a significant opportunity to deepen economic cooperation and explore new avenues for growth and development, he added.