Big businesses from the United States are showing interest in outfitting Tanzania with their enterprises.
These American firms have made up their minds to expand their operations in this East African market because they believe the area is suitable for doing business.
A few weeks ago, it was revealed that an American delegation made up of 19 representatives from US-based businesses will be in Tanzania on the 27th of this month to conduct some research.
According to the stakeholders, their objective, which involved scouting the area to see if they could conduct business there without too many difficulties, was a success.
Geoffrey Mchangila, the chairman of the American Chamber of Commerce in Tanzania (AmCham-TZ), revealed Wednesday that the delegation of 19 US businesses appeared content. Additionally, he mentioned that these investors were most enthusiastic about the agricultural, ICT, energy, and productive sectors.
The company delegation left Dar es Salaam yesterday for Zanzibar to continue gathering information.
Donald Wright, the US ambassador to Tanzania, claims that the US has so far seen a promising future with Tanzania. He stated that in the past it had been challenging to do business with the nation due to challenges obtaining work and residence permits, but it looks to be a settled issue now.
“We are grateful that things are now improving since President Samia gained power and that our investors are encouraged to invest in Tanzania,” he remarked. I’m happy to see products from Tanzania available in the US and vice versa. This shows how well our two countries get along through commerce and investments.
Exaud Kigahe, a deputy minister for investment, industry, and trade, also made a statement, adding that recent cooperation between the two countries had resulted in a significant trading partnership between them.
He did, however, add that business tended to favour the US, noting that in June 2022, the US imported $7.36 million from Tanzania and exported $27.1 million (about Sh62.3 billion).
According to Mr. Kigahe, “This data is a wake-up call for the two countries to take action so that we can lower the Tanzania-US trade gap.” He urged more US businesspeople to establish factories in Tanzania in order to increase value addition and the export of finished goods.
The approach of numerous American businesses, who have expressed interest in expanding their industrial base here in Tanzania, gives us great hope.