THE Tanzanian business community have been urged to capitalize on the vast array of business opportunities that exist between Tanzania and South Africa in a move to foster stronger economic ties.

Wilson Nkuzi, NBC’s global clients, corporate and investment banking made the call in Dar es Salaam over the weekend when speaking at the South African Business Forum Tanzania (SABF).

The high-level forum, which brought together business leaders, government officials, and representatives from various institutions and also featured officials from the South African High Commission in Tanzania and bank’s senior officials.

Mkuzi said that the bank has stepped up its commitment to driving business growth and enabling seamless trade transactions between the two East and Southern African nations.

“As bank, we’re determined to be the catalyst for propelling trade and investment between Tanzania and South Africa," Nkuzi declared. 

"Through our diverse financial solutions, including capital development loans, guarantees, foreign exchange services, and our innovative ‘NBC Connect’ digital platform, we are committed to empowering businesses to navigate this international landscape with ease and confidence."

"What truly motivates us is the remarkable increase in the number of businesses from both countries who have been taking advantage of the tailored services and opportunities provided by NBC," Nkuzi continued.

 "From capital development loans to international transaction facilitation, we are dedicated to ensuring that Tanzanian and South African businesses can thrive, even in the face of challenges such as the limited availability of US dollars in the country."

Furthermore, Nkuzi highlighted NBC's readiness to support the Tanzanian government's infrastructure development agenda, pledging the bank's provision of crucial bank guarantees to facilitate the implementation of ongoing projects.

Jimmy Myalize, bank’s head of transactions and deposits for major customers highlighted the bank's ongoing efforts to support the local community, including through sponsorships and the bank's CSR agenda in the sports and healthcare sectors.

Manish Thakrar, SABF chairman lauded the bank's pivotal role in driving the bilateral trade agenda, stressing: "The existence of this forum has been tremendously beneficial for us as members, allowing us to explore various opportunities not only among ourselves as businesspeople but also between our governments and beyond our national borders.”

He underscored the forum's commitment to supporting the Tanzanian government's efforts to attract more foreign investors to the country. "The availability of efficient financial solutions is a crucial pillar in realizing this goal," he stated.

 Thakrar also revealed that the forum had discussed the ongoing China-Africa cooperation meetings, exploring how Tanzanian and South African businesses could leverage the opportunities arising from the outcomes of the deliberations.

The growing trade between Tanzania and South Africa, particularly in the areas of industrial goods, minerals, and agricultural products, underscores the untapped potential that both countries possess. Thakrar urged Tanzanian entrepreneurs to fully capitalize on the existing bilateral relationship to facilitate various business ventures, including in the agricultural sector.