Vietnamese and Tanzanian businesses explore investment promotion opportunities

VOV.VN - Over 80 representatives from various ministries and sectors attended the recent Vietnam - Tanzania Investment Forum which was held in both in-person and online platforms.

The event was organised by the Embassy of Vietnam in Tanzania in collaboration with the Tanzania Investment Center (TIC), the Institute for Africa and Middle East Studies (IAMES), and the Vietnam - Africa Economic Cooperation Alliance (VAECA).

As part of his address at the event, Vietnamese Ambassador to Tanzania Nguyen Nam Tien affirmed that both sides boast huge potential for broader co-operation and enjoy complementary advantages for mutual development.

“Tanzania is an area capable of meeting Vietnam's needs in terms of raw material and fuel supply sources, and diversifying export markets for goods, services, human resources and investment," the Vietnamese diplomat stated.

According to the Ambassador, the two sides have created a legal framework which serves as a basis for co-operation, adding that many Vietnamese enterprises have been looking for investment opportunities in the African country.

However, the Ambassador also assessed that the economic and trading ties between the two remain modest and below their full potential. He expressed his desire that through this networking forum, businesses from the two countries will be able to take full advantage of opportunities, promote their respective strengths, and overcome all difficulties and challenges in a bid to enhance exchanges to achieve many effective and practical co-operation projects in the future.

Ambassador Tien affirmed that the Vietnamese Embassy in Tanzania has been and remains ready to serve as a bridge for closer ties between the business communities of the two countries.

During the course of the forum, a representative of the TIC introduced policies, investment opportunities, and incentives for foreign investors, while the director of the Export Processing Zone (EPZ) Management Board mentioned incentives in special economic and export processing zones.

Discussing the investment potential for the cashew value chain, a representative of the Cashew Board of Tanzania (CBT) outlined that Tanzania has an available land fund to build factories with cheap labour, whilst enjoying many incentives for more than 80 % of processed cashew nuts for exports.

Furthermore, representatives of a number of agencies such as the Tanzania Port Authority, and the Tanzania Agricultural Research Institute (TARI) introduced and shared information about Mtwara port infrastructure, along with the role of the Institute in the cashew value chain.

In response, Vietnamese representatives shared the potential and capacity of Vietnamese enterprises in Tanzania.

Business representatives from both nations then spent time exchanging and raising questions about issues of shared concern related to co-operation and investment in the field of cashew.          

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