Egypt to Enhance Investments in Tanzania and Strengthen Bilateral Relations
Egypt is poised to expand its investments in Tanzania, focusing on various key sectors, including infrastructure and energy, during a recent visit by Foreign Affairs Minister Dr. Badr Abdelatty. The nearly completed Julius Nyerere Hydropower Dam symbolizes this effort, with both nations eager to strengthen their historic ties and bilateral economic cooperation, although investment figures currently remain modest.
Egypt has announced plans to enhance its investments in Tanzania across vital sectors such as technology, education, health, agriculture, and infrastructure. This initiative aims to strengthen the historical ties between both nations and promote a new phase of collaboration. The announcement occurred during a two-day official visit by Egypt’s Minister of Foreign Affairs, Dr. Badr Abdelatty, who was accompanied by over ten prominent Egyptian business leaders.
A central focus of Dr. Abdelatty’s visit included setting a launch date for the highly anticipated Julius Nyerere Hydropower Dam. This multi-billion-dollar project is currently 99.9 percent complete and is anticipated to significantly transform Tanzania’s energy sector. The inauguration is expected soon, with Egyptian President Abdel Fattah el-Sisi planning to attend, highlighting the cooperative efforts of both countries.
Dr. Abdelatty expressed aspirations for the Egypt-Tanzania relationship to exemplify friendship and collaboration among Nile Basin countries. He stated, “This is our shared vision,” while emphasizing the project’s importance in elevating Tanzania’s energy security and unlocking additional investment opportunities. Notably, he referred to the dam as a “model for African cooperation.”
Tanzanian Minister for Foreign Affairs and East African Cooperation, Mr. Mahmoud Thabit Kombo, emphasized the strategic dialogues taking place between the nations. He remarked, “This is a pivotal moment. We are not just discussing trade; we are reinforcing a historic relationship with a vision for the future.” Despite acknowledging that Egypt is Tanzania’s eighth-largest foreign investor, the ministers agreed that the current investment figures of $1.367 billion are modest relative to the potential for bilateral economic cooperation.
“This visit is a crucial step towards harnessing them,” Mr. Kombo noted, underlining the expansive opportunities available. Dr. Abdelatty further highlighted Tanzania’s favorable business climate, credited to President Samia Suluhu Hassan’s leadership, which has spurred significant interest from Egyptian entrepreneurs and investors eager to explore opportunities in the nation. He encouraged more Egyptian small and medium-sized enterprises to consider ventures in Tanzania.
The announcement by Egypt to expand investments in Tanzania marks a significant milestone in strengthening bilateral ties between the two nations. The focus on key sectors and the imminent launch of the Julius Nyerere Hydropower Dam exemplify the cooperative spirit and economic potential that both countries possess. With the commitment from both leaders to enhance trade and investment opportunities, the future looks promising for Egypt-Tanzania relations, potentially setting a benchmark for regional collaboration.
Original Source: www.thecitizen.co.tz
