16:50 | 06/04/2016 Trade
(VEN) - Tanzania is a gateway for Vietnamese goods to enter East Africa, while Vietnam is an entrypoint for Tanzanian goods into the ASEAN Economic Community. Thanks to these advantages, the two countries aim at increasing trade turnover to US$1 billion by 2020.
Photo: Can Dung
Paving the way
The visit of Vietnamese President Truong Tan Sang to Tanzania between March 8 and 11, consisted of a series of effective and practical activities taking the relationship between the two countries to new heights. In addition to meetings with high-level leaders, the president also met entrepreneurs at the Tanzania-Vietnam Business Forum.
Tanzanian Prime Minister Kassim Majaliwa said that Tanzania was conducting numerous administrative reforms as well as loosening policies to promote investment attraction. The country strives to become an entrepot for goods to enter Africa and its eastern region. Tanzania has abundant minerals such as diamonds, gemstones, tin, phosphate, steel ores and nickel.
Majaliwa specifically highlighted sectors that Tanzania is willing to promote investment attraction. Together with advantages in terms of labor costs and preferential policies, Vietnamese businesses are able to seek partners in agriculture, industry, seafood processing, construction, information technology, power, oil and gas.
He also said that the Tanzanian government was ready to create the most favorable conditions for Vietnamese businesses investing in the country.
Vietnamese President Truong Tan Sang said that Vietnam and Tanzania could become gateways to help goods enter East Asia and East Africa.
The president emphasized that the two sides had agreed on strengthening cooperation in agriculture, telecommunications and trade. Vietnam has advantages in terms of agriculture and is ready to share experiences with Tanzania by sending agricultural experts or pouring investment capital into rice, seafood farming and processing projects. Vietnam is ready to export garment and textile products, footwear and agricultural machinery to Tanzania, while importing key products such as minerals and wood.
Truong Tan Sang asked the Vietnam Chamber of Commerce and Industry and the Tanzanian Investment Promotion Agency to develop specific programs and provide recommendations to create favorable conditions for the two business communities. He also said that Vietnamese ministries and departments would facilitate Tanzanian companies when doing business in Vietnam.
The Tanzania Private Sector Foundation representative expressed its desire to cooperate with Vietnam in agriculture including rice, coffee and cashew growing and develop telecommunications. The Vietnam Chamber of Commerce and Industry and the Tanzanian Investment Promotion Agency signed several cooperation agreements, creating an engine in promoting information exchanges and strengthening cooperation between the two countries.