Tanzania, Germany look to strengthen economic ties

Germany announced its intention to invest in constructing what could be Africa’s largest fertilizer plant
DAR ES SALAAM, TANZANIA – JANUARY 23 : Tanzanian President John Pombe Joseph Magufuli and Turkish President Recep Tayyip Erdogan (not seen) hold a joint press conference after their meeting at the State House in Dar Es Salaam, Tanzania on January 23, 2017. Binnur Ege Gurun / Anadolu Agency

Tanzanian President, John Magufuli and German Chancellor, Angela Merkel, expect to increase economic cooperation between their respective countries.

In an official presidential communique, Germany announced its intention to invest in constructing what could be Africa’s largest fertilizer plant- an investment in line with Tanzania’s bid to industrialize and move from a low-income state to a middle-income economy by 2025.

Tanzania’s national Vision 2020 prioritizes modernization of agriculture through agro-products processing as a vehicle to drive economic growth and foster social development.

The country’s economy is growing at an unprecedented 7 percent annually and is projected to get higher.

According to a UNCTAD 2018 World Investment report, Tanzania’s current FDI stock is estimated at USD 20.3 billion which represents 39 percent of its GDP. This makes Tanzania one of the most preferred destinations for foreign investment in Africa. At the moment, the top 5 providers of FDI into Tanzania are South Africa, the UK, Kenya, Canada, and China. 

Your Friends Also Read:  A closer look at Air Peace CEO, Allen Onyema's fraud indictment by the US

With improved economic relations, Germany aims to be shortlisted as a top investor in Tanzania.

Tanzania’s mining sector, the oil and gas industry, as well as the primary agricultural products sector (coffee, cashew nuts and tobacco) draw the most FDI China is Tanzania’s second-largest source of Foreign Direct Investment (FDI). Its leading investment city is the commercial port city of Dar es Salaam.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng


Leave a Reply

Previous Article

Conflict in Cameroon has claimed at least 170 lives in 6 months

Next Article

Youth for Technology Foundation hosts Silicon Lagoon In Lagos

Related Posts
Powered by Live Score & Live Score App