TANZANIA LEADS EA STATES IN ATTRACTING AMERICAN INVESTIMENTS

  

 Chairman, Confederation of Tanzania Industries (CTI),Paul Makanza, Head Mansa Business, Maureen Mba, Afreximbank,  Member of Governing Council of Tanzania Bankers Association (TBA), Charles Itembe, President of Tanzania Chambers of Commerce Industries and Agriculture (TCCIA)Mr. Paul Koyi joined by  EABC CEO,John Bosco Kalisa,  Executive Director, Tanzania Private Sector Foundation (TPSF), Francis Nanai and  Manager  Client Relations East Africa Afreximbank,Ms. Farida Mukasa Kasujja,  and  Executive Director of TBA, Tusekelege M. Joune  officially launched the African Due Diligence Platform in Dar es Salaam Tanzania.

Tanzania led the other East African Community (EAC) partner states for investments from the United States, the world largest economy.

This emerged during the signing of a Memorandum of Understanding (MoU) between the East African Business Council (EABC) with the Africa Global Chamber of Commerce (AGCC) to lure more investments from the US.

 

According to EABC, an apex body of private sector associations in the region,foreign (FDI) from the US to Tanzania was $1.5billion in 2019.

 

Tanzania is followed by Kenya which received $353 million in the same year, followed by Uganda $42 million, Rwanda ($11 million) and Burundi which managed to attract $1 million Burundi in the year 2019.

 

The agreement signed on Wednesday outlines several areas of collaboration including showcasing trade and investment opportunities in the EAC bloc.

 

These include industrial exchange programmes and trade missions to the USA, joint exhibitions and conferences, training programs and certifications.

 

 

Speaking at the signing ceremony, Mr. John Bosco Kalisa EABC executive director said the partnership is set to improve joint ventures, production capacities and technology transfer between businesses in East Africa and USA.”

He advised the AGCC to mobilize the African diaspora to invest in East Africa in lucrative sectors such as agri-business and digital innovations to support the economic recovery of the continent amid COVID-19.

 

On his part, Mr. Olivier Kamanzi, Chairman of AGCC said “AGCC is steadfast to kick-off this partnership as USA investors are eager to visit and explore trade opportunities in East Africa region”.

 

He stated that the MoU signing paves way for the African diaspora and USA investors to partner with the private sector in Africa and strongly drive the African Continental Free Trade Area (AfCFTA) - Agenda 2063. He explained that AGCC has mobilized diaspora to invest and set up a smart city in Malindi, Kenya.

 

The EAC bloc benefits from preferential market access to the U.S under African Growth and Opportunity Act (AGOA). In 2015,  EAC and U.S signed Agreement on Trade Facilitation, Sanitary and Phytosanitary (SPS) and Technical Barriers to Trade (TBT).

 

The EAC also initiated negotiations on EAC-US Investment Treaty and inaugurated  EAC-US Commercial Dialogue.

 

According to International Trade Centre (ITC) in 2019 EAC bloc imports of goods from USA stood at USD.1.124 billion while exports reached USD.704 million.

 

The value declined to USD.963,010 and USD.681,299 respectively in 2020 due to disruptions by COVID-19 pandemic.

 

Mr. Kalisa called for joint advocacy efforts to ensure the extension of the AGOA and commencement of negotiations EAC-US Free Trade Agreement in order to attract more investment into East Africa.

 

He stated that AGOA has integrated the EAC bloc’s apparel sector into the global value chains.

 

The partnership is set to boost trade and attract more USA investments in industrial parks, special economic zones, export processing zone in the  EAC and unlock market access to U.S.A via AGOA, environmental and climate change innovations and co-organizing the East African Business and Investment Summit 2022.

 

AGCC is a Chicago-based not-for-profit corporation that specializes in promoting trade, investment, educational exposures, and cultural exchanges globally for Africa’s economic interest and its partners starting from the USA.

 

Locally, AGCC strives to serve businesses and professionals seeking business opportunities, while also facilitating mutual commerce between US and Africa. AGCC is based in Chicago, Illinois.