Dar es Salaam. In a landmark step to bolster economic ties, Dubai International Chamber this Thursday signed a Memorandum of Understanding (MoU) with the Tanzania Chamber of Commerce, Industry, and Agriculture (TCCIA).
The agreement, formalized on the sidelines of a business forum in Dar es Salaam, aims to increase bilateral trade and investment between Tanzania and Dubai, creating new avenues for strategic partnerships and expanding business opportunities between the two regions.
The MoU, which will see both chambers work collaboratively to promote trade missions, conferences, and business events, underscores Dubai’s commitment to fostering growth in emerging African markets.
According to Dubai Customs, non-oil trade between Dubai and Tanzania reached a significant milestone in 2023, growing by 9 percent year-over-year to $ 2.7 billion.
This marks a positive trajectory for trade relations, which have already seen strong activity, with 274 Tanzanian companies registered as active members of Dubai Chamber by the end of September 2024.
Thursday’s MoU signing took place during the ‘Doing Business with Tanzania’ forum, organized by Dubai International Chamber.
The event brought together senior officials, business leaders, and 32 Dubai-based companies from diverse sectors seeking to explore opportunities in the Tanzanian market.
Mr Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the importance of the event.
He stated: “This mission creates an exceptional opportunity to build bridges of cooperation between the business communities in Dubai and Tanzania, opening new avenues for strategic partnerships that will contribute to mutual growth and prosperity.”
Mr Vincent Minja, President of TCCIA, emphasized the historical and ongoing trade relationship between the two regions, noting that Dubai serves as a vital gateway for Tanzanian goods to global markets.
“We see tremendous potential in sectors like agriculture, tourism, energy, and technology, and we are eager to collaborate further to drive economic growth,” Mr Minja stated.
Looking ahead, the MoU paves the way for expanded engagement in sectors such as energy, mining, pharmaceuticals, agriculture, and infrastructure development.
Both chambers aim to provide platforms for Tanzanian and Dubai businesses to connect, engage, and thrive in an increasingly globalized economy.
The forum also included presentations from key stakeholders, shedding light on the significant opportunities for Dubai businesses in Tanzania.
As both countries continue to work toward deepening trade ties, the event in Dar es Salaam served as a testament to the growing importance of this partnership, with Dubai playing a central role in connecting Tanzanian businesses with global markets.
