Egypt plans to broaden investments in Tanzania, currently the eighth-largest foreign investor with $1.367 billion invested and 3,800 jobs created. Key sectors include technology, health, agriculture, and infrastructure. The upcoming Julius Nyerere Hydropower Dam, nearing completion, aims to transform Tanzania’s energy sector and reinforce bilateral ties.
Egypt is advancing its investments in Tanzania, particularly in sectors such as technology, education, health, agriculture, and infrastructure. Currently, Egypt ranks as Tanzania’s eighth-largest foreign investor with investments amounting to $1.367 billion, creating around 3,800 jobs. The initiative is aimed at enhancing the historical ties and promoting a new phase of collaboration between the two countries.
The announcement was made during a two-day official visit by Egypt’s Foreign Affairs Minister, Dr. Badr Abdelatty, who was joined by over ten significant Egyptian business leaders. A crucial aspect of Dr. Abdelatty’s visit was determining the launch date for the nearly completed Julius Nyerere Hydropower Dam, expected to revolutionize Tanzania’s energy sector.
With the dam’s inauguration on the horizon, Egyptian President Abdel Fattah el-Sisi is anticipated to attend, emphasizing the joint efforts of both nations in its development. Dr. Abdelatty expressed, “We aspire for the relationship between Tanzania and Egypt to set a benchmark for brotherhood and cooperation among Nile Basin countries. This is our shared vision.”
This hydropower dam is projected to significantly enhance Tanzania’s energy security and expand investment opportunities within energy and infrastructure. Dr. Abdelatty described it as a vital model for African cooperation, while Tanzanian Foreign Affairs Minister Mahmoud Thabit Kombo highlighted the productive strategic discussions between the two nations during this visit.
Mr. Kombo noted, “This is a pivotal moment. We are not just discussing trade; we are reinforcing a historic relationship with a vision for the future.” Despite Egypt’s impressive investment figures, he acknowledged they remain modest against the vast potential that exists for bilateral economic cooperation.
Mr. Kombo remarked, “The time has come to expand our partnership. The opportunities between our two nations are immense, and this visit is a crucial step towards harnessing them.” Dr. Abdelatty credited Tanzania’s favorable business environment to President Samia Suluhu Hassan’s efforts, sparking increased interest from Egyptian investors and entrepreneurs in exploring opportunities in the nation. He emphasized the encouragement for small and medium-sized enterprises (SMEs) to invest in Tanzania.
Egypt’s commitment to expanding investments in Tanzania marks a significant development in their bilateral relations. The focus on key sectors and the upcoming inauguration of the Julius Nyerere Hydropower Dam highlights not only economic collaboration but also a shared vision for future cooperation. This partnership seeks to unlock the vast potential for mutual growth between both nations and promote stability in the region.
Original Source: www.thecitizen.co.tz
