TANZANIA was last week honoured to host South Africa’s President Jacob Zuma who visited the country on an invitation by President John Magufuli.
The visit was crucial in cementing both the political and social-economic ties between the two countries. Zuma’s visit led to the signing of agreements on cooperation in transport, bio-diversity and conservation as well as the inaugural session of the Bi-National Commission (NBC) between Tanzania and South Africa.
President Magufuli later informed the public that the two states had agreed to co-operate on the sectors of energy, tourism, trade, investment, technology, security and health among others. Being one of the economic giants in the continent, South Africa is well positioned to help Tanzania to boost its businesses.
With President Zuma’s visit, Tanzania looks forward to big number of investors from South Africa as a result of firm relation and increased trade between the two countries. The visit opened doors to South African investors in various areas, including construction of roads, rail and port infrastructure.
It is high time South African companies, together with their Tanzanian counterparts, explored the joint-venture opportunities that exist.
The Tanzania’s annual GDP growth rate has averaged seven percent over the past five years, making it one of the 20 fastest growing economies in the world, and beating the Sub-Saharan Africa average economic growth rate of 4.4 percent during the period.
Generally, Tanzania economy has the potential to grow if certain strategic decisions, which include improvement of investment and business relations. President Zuma’s visit exposes Tanzania’s tourist attractions to South Africans.
As the government strives to promote tourism industry, the visit by South Africa’s leader is timely for successful promotion of tourism in the continent’s economic powerhouse.
South African traders too stand to gain from President Zuma’s visit to Tanzania for his presence in the country has enabled his people especially traders to explore more opportunities within Tanzania and in its neighbouring countries.
Tanzania is strategically located to enable South Africa to penetrate the markets of Rwanda, Burundi, DRC and Uganda, which are landlocked and dependent on Tanzania’s port services.
It’s high time Tanzanian traders and investors assessed their businesses to see how they can link with their South African counterparts.
It is through such high profile visits, traders and big investors will get to know each other and establish long lasting strong business ties.