Egypt aims to enhance investments in Tanzania, focusing on key sectors like technology and infrastructure. During a recent visit by Dr. Badr Abdelatty, plans were finalized for the 99.9% complete Julius Nyerere Hydropower Dam. Both nations acknowledge the need to expand their partnership for mutual economic benefit, as Egypt is already the eighth-largest foreign investor in Tanzania.
Egypt has announced plans to increase its investments in Tanzania, targeting key sectors such as technology, education, health, agriculture, and infrastructure. This initiative aims to strengthen the historical ties between the two nations and promote collaborative efforts. The announcement came during the recent visit of Egypt’s Minister of Foreign Affairs, Dr. Badr Abdelatty, accompanied by a delegation of prominent Egyptian business leaders.
A significant focus of Dr. Abdelatty’s visit was to finalize the launch of the Julius Nyerere Hydropower Dam, which is nearing completion at 99.9%. This multi-billion-dollar project is anticipated to transform Tanzania’s energy sector and enhance energy security within the region. The inauguration of the dam is expected soon, with Egyptian President Abdel Fattah el-Sisi’s participation confirmed, reflecting the collaborative efforts in its construction.
During the visit, Dr. Abdelatty expressed aspirations for the relationship between Tanzania and Egypt to set a standard for cooperation among Nile Basin countries, indicating a shared vision for progress. He referred to the hydropower dam as a model for African cooperation, underscoring its potential to unlock new investment avenues in infrastructure and energy.
Tanzanian Minister for Foreign Affairs and East African Cooperation, Mr. Mahmoud Thabit Kombo, emphasized the significance of their discussions, stating, “This is a pivotal moment. We are not just discussing trade; we are reinforcing a historic relationship with a vision for the future.”
Currently, Egypt ranks as Tanzania’s eighth-largest foreign investor, with investments amounting to $1.367 billion, creating about 3,800 jobs. However, both ministers agree that these numbers are still modest relative to the immense potential for cooperation. Mr. Kombo remarked, “The time has come to expand our partnership. The opportunities between our two nations are immense, and this visit is a crucial step towards harnessing them.”
Dr. Abdelatty commended Tanzania’s favorable business climate and acknowledged President Samia Suluhu Hassan’s role in creating a supportive environment for investors. He noted an increased interest from Egyptian entrepreneurs and investors seeking opportunities within Tanzania, particularly among small and medium-sized enterprises (SMEs).
In summary, Egypt’s initiative to expand its investments in Tanzania across various sectors signifies a deepening of bilateral ties and a commitment to collaborative progress. The focus on the Julius Nyerere Hydropower Dam exemplifies the potential for significant infrastructure development. Both nations recognize the vast opportunities ahead and express readiness to build a formidable partnership, promoting economic growth and cooperation in the region.
Original Source: www.thecitizen.co.tz
