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France strengthens economic cooperation with Tanzania to increase presence in Africa

Mr. Frederic Clavier - the French ambassador to Tanzania stated that France was confident on the future of the economic relationship with Tanzania.
"Tanzania shows huge growth potential. And, we're ready to support President John Magufuli's industrialization agenda," he said. Adding that 35 French companies have pointed out areas of interest to them.

"The areas include transport, construction, defence and space, utilities, logistics, energy, ICT and water management, and agriculture," he said. The Tanzanian envoy to France Emmanuel Shelukindo said that his office will continue to attract investors from France to come and invest in the country. "Tanzania has many investment opportunities to offer. Come and invest here," he said.

Companies around the globe and especially from the European region constantly are on the lookout for avenues which allow them to make the perfect entry into the country. Various platforms such as the Buildexpo Africa, Power and Energy Africa and the East African International Trade Exhibition become the premier launch points for companies looking to explore and tap the Tanzanian and the East African market. Kenya, Tanzania, Rwanda and Ethiopia are on track to become the preferred gateways into the African continent for the world.

French business leaders met with senior government officials and Tanzania counterparts from various sectors and discussed on the best ways to invest and strengthen their partnership.

The statement was made by Dr Magufuli during a brief ceremony to inaugurate a 189 kilometer-long road stretching from Iringa municipality to the Fufu administrative ward in Dodoma region. The road with an investment of Sh207-billion was constructed with funds provided by the African Development Bank (AfDB) and the government of Japan through the Japan International Cooperation Agency (JICA).
65 per cent of the construction costs was bourne by the AfDB, while JICA and the Tanzania government disbursed 21 and 12 per cent of the total cost respectively.

Noting that the country has built great trust in its development partners, the Tanzanian President argued that this project was key evidence which shows that the economy was growing. "We couldn't construct this road in 1961 because we had a poor economy. But, today, we are able to attract donors, convincing them that the country's ability to service the loans has increased - which is an indication that our economy has grown," he said.

The president also encouraged Tanzanians to increase food production in their respective areas - and tap the benefits of a functional roads infrastructure to transport their crops to market. He added that the Tanzanian economy was growing at a healthy 7 per cent - with a 4 per cent inflation - because of good crops production.

Source : BizECO