President Samia Suluhu Hassan's pursuit of improved economic ties between Tanzania and Egypt continued on Thursday with a series of meetings with potential investors in Cairo. After holding successful bilateral talks with Egypt's President Abdel-Fattah El-Sisi on Wednesday, President Samia embarked on a busy schedule during the second day of her working tour of the North African country.
She met with Egyptian investors and encouraged them to make better use of the multiple investment opportunities available in Tanzania. President Samia used the platform to market Tanzania's abundant investment opportunities, in line with the East Africa nation's quest for more Foreign Direct Investments (FDIs).
The President, thus, highlighted huge investment potential in key economic sectors such as Agriculture, Mining, Electric energy and Education among others. President Samia made the call after visiting the Egyptian General Authority for Investment and Free Zones (GAFI), which is an affiliate of the Ministry of Investment (MOI) and the principal government body regulating and facilitating investment in Egypt.
According to a statement issued by the Directorate of Presidential Communications, the Tanzanian leader also witnessed the signing of Memorandum of Understandings (MoUs) on increasing cooperation between the two countries.
On the day, President Samia also visited the El Sewedy Company industrial park, which is the main contractor of the Julius Nyerere Hydro Power Project (JNHPP) being constructed along the Rufiji River. El Sewedy Company is among the biggest investors in Egypt. They are also planning to expand their investment by constructing a factory in Tanzania. President Samia also toured New Cairo Administrative City - a new administrative capital located east of Cairo.
Egypt is in the final stages of moving to the new capital which is designed as a high-tech "smart city". It is designed to accommodate 6.5 million residents and ease congestion in Cairo. The city will include a government district, a business district, vast parks and a diplomatic district, where the Tanzanian embassy will also be located.
Addressing a press conference on Wednesday, President Samia expressed her appreciation for her country's historical relations with Egypt, stating that Tanzania is keen to enhance these relations in different fields, especially commercially and economically. She commended the founding fathers of the two countries, the late Gamal Abdel-Nasser of Egypt and Julius Nyerere of Tanzania for their efforts to create a mutual bond.
She described the former leaders as true revolutionists, who shared several views regarding Africa collaboration. "These two leaders were revolutionaries who shared several views on Africa collaboration and unity as well as struggle for global quality, justice system and economic emancipation of the African continent and people of Africa," she added.
President Hassan said that Tanzania welcomes the participation of Egyptian companies in Tanzania's ambitious development plan, at the top of which is the Julius Nyerere Dam. The Head of State listed key sectors that need to be exploited for the greater interest of the two countries and investments as Livestock, Agriculture, Real Estate industry, Energy, Tourism and Hospitality, Pharmaceutical, Transportation, Mining, Manufacturing and Agro-processing industries.
"My government will render all the necessary facilitation to the Egyptian business com- munity wishing to invest and do business in Tanzania," she said during a press conference held at the Ettihadiya Palace in eastern Cairo on Wednesday. For his part, Egypt's President Abdel Fattah El-Sisi said the northern African country is seeking to strengthen rela- tions and consolidate strategic cooperation with Tanzania in economy, politics and national development.
He also expressed the readiness of his government to provide Tanzania with technical support that will contribute to capacity building and skills development. "We also agreed on the optimal use of our capabilities to serve the interest of both countries through increased rate of trade exchange which we hope will achieve further growth in the years to come," he said in his welcoming remarks.