New York. Tanzania and the United States have kicked off a Business and Investment Forum on the sidelines of the 80th United Nations General Assembly.
Vice President Dr Philip Mpango used the platform to highlight Tanzania’s commitment to being open for business and welcoming investment.
Speaking at the event on September 22 he said the Tanzanian government recognises the private sector as a key partner in driving social and economic transformation.
“Tanzania has enjoyed six decades of political and social stability, rapid infrastructure development, and significant improvements in the business environment,” Dr Mpango said.
He said these conditions present American investors with abundant opportunities in Tanzania.
He also encouraged Tanzanian businesses to think globally and leverage opportunities in the US market.
The Vice President highlighted ongoing government efforts to enhance the investment climate.
Business registration, which previously took 14 days, can now be completed within 24 hours, while investment permits that once required months are now processed in hours or days through the Tanzania Investment Centre and Special Economic Zones Authority (TISEZA).
He added that the government is committed to regulatory reforms, including eliminating unnecessary rules and investing in workforce development.
Dr Mpango invited American investors to explore Tanzania’s strategic sectors, particularly critical and rare minerals.
“While the US invests in clean energy, Tanzania is a reliable source of essential materials, including graphite from Mahenge, Morogoro, which meets about 15 per cent of global battery demand,” he said.
He also highlighted nickel in Kabanga and one of the world’s largest high-grade lithium reserves. Investment in minerals, he said, presents opportunities for value addition from extraction to processing and battery production.
The Vice President also outlined opportunities in the digital sector, noting that internet penetration has increased from 13 per cent to 60 per cent in five years, mobile money transactions have reached $75 billion, nearly 90 per cent of GDP, and there are around 27 million accounts for 65 million people.
He highlighted Tanzanian firms such as NALA, which serves over 500,000 users globally in financial transactions.
Agriculture remains another priority, with Tanzania boasting 44 million hectares of arable land.
Dr Mpango called for partnerships in smart agriculture, precision farming, drone technology, AI-driven farming, and agro-processing.
Opportunities in health, including pharmaceutical and medical equipment production for 300 million people in East Africa and 1.4 billion under the African Continental Free Trade Area (AfCFTA), were also highlighted.
Infrastructure investment prospects include the Standard Gauge Railway (SGR), spanning 2,561 km and connecting Uganda, Burundi, the Democratic Republic of Congo, and Rwanda, capable of carrying passengers and 10,000 tonnes of cargo per train.
Tourism, generating US$3.37 billion annually from over two million visitors, offers additional investment potential.
Dr Mpango said Tanzania aims to attract US$185 billion over the next five years, equivalent to $37 billion annually, to achieve mid-term objectives under Vision 2050, including building a manufacturing economy, integrated infrastructure, and robust trade.
Trade relations between the US and Tanzania have strengthened, with bilateral trade rising from $228 million in 2020 to $770 million in 2024.
US exports to Tanzania reached $566 million, while Tanzanian exports to the US rose to $204 million.
US foreign direct investment grew from $12.3 million in 2020 to $40 million in 2023, with total investment reaching US$1 billion.
The forum, attended by Tanzanian and American investors and business leaders, commended Tanzania’s improved investment climate, predictable policies, political stability, and welcoming citizens. US investors said Vision 2050’s target of a $1 trillion economy is achievable given the country’s diverse opportunities.
