PRESIDENT Samia Suluhu Hassan has unveiled $5.68 billion in investments recorded by the Tanzania Investment Centre (TIC), underscoring the government's proactive efforts to enhance trade and investment within the country.

President Samia made this remark today July 4, 2024 during the 48th Dar es Salaam International Trade Fair (DITF), which was officiated by Mozambican President Filipe Jacinto Nyusi and held in Dar es Salaam.

She emphasized that the government's primary role in development projects has always been to ensure resource availability and infrastructure development to guarantee a friendly trading environment.

"In 2023, the TIC registered 504 projects worth $5.68 billion, facilitated by a positive business environment in the country," she stated.

According to her, exports earnings have increased from 12trn/- in 2019 to 17.trn/- this year.

She was of the view that the government will continue to build, improve, and strengthen development projects and infrastructure as well, in order to increase productivity, quality, and standards in business areas.

She further called upon traders participating in DITF to direct their concerns to relevant institutions such as Tanzania Trade Development Authority (TanTrade), emphasizing that the government is always ready to address raised concerns. 

For his part, President Nyusi expressed humility at officiating the 48th DITF, considering it a tool to strengthen trade and business areas that will benefit investors from Tanzania and Mozambique.

He noted that Tanzania has been one of the top ten potential investors in Mozambique over the past decade, from 2018 to 2023.

"Tanzania-Mozambique investment totalled $143 million from 2013 to 2023," he reported.

Referring to yesterday's speech at the State House, he highlighted cashew nut production as a pivotal area for collaboration, noting its potential for shared success despite challenges posed by international market prices. He emphasized the need to establish local pricing beneficial to both farmers and traders.

Exaud Kigahe, the Deputy Minister of Industry and Trade, reported that Tanzania has seen an increase in participation at DIFT this year, with 3,846 participants compared to 3,500 previously, marking an achievement that places the country on the trade and investment map.

On the other hand,  President Samia mentioned plans to establish customs centres at border areas to monitor trade, noting the need for more investments, particularly highlighting an initiative to enhance the Mtambaswala border crossing on this side.

Trade between Tanzania and Mozambique reached $57.8 million last year. However, as of mid-year, trade had decreased to $20.1 million, indicating a declining trend. She suggested that informal transactions at customs points might be contributing to this decline.

The blue economy represents another promising sphere for the two countries to engage in business with neighbouring African countries. This issue will be discussed with upcoming Frelimo presidential candidate Daniel Chapo.