South Africa and Tanzania, Acquiesce to Boost Cooperation in Trade
By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- South Africa and Tanzania on Thursday the 15th August 2019 promulgated a Joint agreement to revitalize cooperation in trade and investments.
John Magufuli, Tanzanian President, love in having more South African businessmen invest in his country and requested South African President – Cyril Ramaphosa to expedite his request.
“South African investors are capable of putting up industries for manufacturing pharmaceuticals and minerals processing and Tanzania was readily prepared to offer any assistance they needed”, said the president.
Ramaphosa said, there were already 228 South African companies in Tanzania employing 21,000 people and promised to bring more investors to Tanzania. In addendum South Africa will cooperate with Tanzania to ensure investment in other areas such as the heath, peace and security sectors.
He urged Tanzanian investors to retort positively developing business in South Africa. Magufuli said, trade volume between the two countries was 2.68 trillion Tanzanian shillings (about 1.16 billion U.S dollars) I 2018 from 2.52 trillion shillings recorded in 2017.
Ramaphosa is in Tanzania for a three day state visit ahead of the 39th Southern African Development Community (SADC) Summit of Heads of State and Government in Dares Salaam on August 17-18 2019.
The theme for the Summit is (A Conducive Environment for Inclusive and Sustainable Industrial Development, Increased Intra – Regional Trade and Job Creation”.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent
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