KCCI chief marvels at resilience of Tanzanian economy

KARACHI: Leader of a four-member Tanzanian trade delegation, Paul F. Koyi, who is also the president of Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), has urged Pakistani businessmen and industrialists to improve ties with their Tanzanian counterparts.

Speaking at a meeting of the Karachi Chamber of Commerce and Industry (KCCI), he said that Tanzania offered immense trade and investment opportunities particularly in the agriculture sector.

"We must start knowing each other, build confidence and bring the business communities of the two countries closer to each other. This is the reason why we are here in Pakistan," he added.

The TCCIA president said that remaining confined to trading just the raw material was not making any sense, and the business communities of both sides would have to focus on value-addition specifically in the agriculture sector, besides promoting opportunities in tourism, natural habitat, mines and minerals and other important sectors of the economy.

KCCI President Shariq Vohra said that trade volume between Pakistan and Tanzania was too low.

Pakistan exported goods worth $87.2 million to Tanzania in 2019 while the imports stood at $20.53 million only.

He said that it was surprising to see that the Tanzanian economy was expected to grow at a rate of 5.5 percent despite the outbreak of COVID-19 pandemic.

The KCCI president said, "There is a huge potential to further enhance trade and investment ties between the business communities of the two countries."

He said that Pakistan's main exports to Tanzania were cement, textiles, rice and sugar, as well as some relatively high technology goods such as machinery and tractors. He requested the president of TCCIA to share information with KCCI about potential sectors for enhancing trade and investment.

Copyright Business Recorder, 2020