THE government is working to fast track a trade and investment protection agreement and the double taxation avoidance agreement with the South Asian state of Singapore.

Khamis Mussa Omar, the Finance minister, made this affirmation after discussions with the Singapore high commissioner, Douglas Foo, noting that efforts are being fast-tracked to finalize the protection pact to safeguard bilateral investments against non-commercial risks. 

Simultaneously, the taxation agreement aims to provide a predictable and fair fiscal environment, encouraging businesses to operate across either country without the burden of dual taxation as it is often a deterrent for international firms, he said.

He said that Tanzania is prepared to significantly deepen its strategic partnership with Singapore, targeting high-impact sectors like artificial intelligence (AI), tourism and bilateral trade to drive economic growth. 

The discussions, characterized by a spirit of mutual cooperation, centred on expanding bilateral relations across economic, social and diplomatic frontiers, where he removal of long-standing bureaucratic and fiscal hurdles hindering the flow of capital between the two nations were a key aspect. 

Tanzania’s geographic positioning makes it an ideal destination for Singaporean capital, as a vital gateway to regional markets of six landlocked countries, enhancing its feasibility as a hub for commerce and logistics in the sub-region.

Singaporean investors will have access to a market of hundreds of millions of people within the East African Community (EAC) and the Southern African Development Community (SADC) zones, he said.

Drawing inspiration from Singapore’s global leadership in digital governance and smart city initiatives, the minister expressed keen interest in adopting advanced technologies to modernize its tax systems. 

The Tanzania Revenue Authority (TRA) is poised to leverage Singapore’s world-class expertise in digital tax platforms to achieve specific goals, taking up these sophisticated systems to improve efficiency in data processing and revenue collection.

This will significantly increase transparency in government operations and ensure greater accountability in revenue management, as the digital shift is expected to reduce the cost of tax compliance for businesses while broadening the national tax base through data-driven insights, he stated.

Integration of artificial intelligence into government services is a means to leapfrog traditional development hurdles, where adopting Singaporean models of AI application will enhance the government’s service delivery capacity, he said.

This will focus on sectors such as tourism, where digital marketing and personalized travel experiences can boost the country's profile as a premier global destination, he said, while the Singapore envoy reaffirmed his country’s unwavering commitment to the partnership,

Now spanning nearly five decades, the partnership will actively encourage Singaporean corporations along with small and medium enterprises (SMEs) to introduce innovative technologies and venture capital into the local market.

"Tanzania has been a reliable partner for Singapore since the establishment of diplomatic relations 46 years ago," he stated. "This partnership must be further strengthened to foster technology transfer, human capital development and sustainable economic growth for both nations."

Ministerial officials said the meeting concluded with a mutual commitment to intensify collaboration in digital innovation and strategic trade, signalling a sophisticated new chapter in the long-standing relationship. 

The high level representatives agreed that synergy between Singapore's technological prowess and Tanzania's vast natural resources and strategic location creates a unique formula for regional prosperity, they added.