SA business forum backs Tanzania’s bid to attract more foreign investment

Dar es Salaam. The South African Business Forum in Tanzania has pledged support for Tanzania’s bid to attract more foreign investors, emphasising the vital role of effective financial solutions.

Speaking at a weekend meeting, forum chairman Manish Thakrar highlighted the crucial role of banking services in advancing bilateral trade.

“This forum has been immensely valuable, offering us opportunities to explore collaborations both among ourselves and with our governments,” Mr Thakrar said, adding, “Efficient financial solutions are key to achieving the goal.”

He also touched on the ongoing China-Africa cooperation meetings, discussing how Tanzanian and South African businesses could benefit from the outcomes.

Growing trade relations between Tanzania and South Africa, especially in industrial goods, minerals, and agricultural products, reveals untapped potential, Mr Thakrar said, urging Tanzanian entrepreneurs to take full advantage of the bilateral partnership to foster new business ventures, particularly in agriculture.

The event was sponsored by the National Bank of Commerce (NBC) which also promised to facilitate business growth and smooth trade transactions between the two countries.

NBC head of global clients, corporate, and investment banking Wilson Nkuzi called on Tanzanian businesses to seize the wide-ranging opportunities available.

“NBC is determined to drive trade and investment between Tanzania and South Africa,” he said,

“Our diverse financial solutions, including capital development loans, guarantees, foreign exchange services, and the ‘NBC Connect’ digital platform, are here to support businesses in navigating international markets confidently,” Mr Nkuzi added.

The forum saw the participation of business leaders, government officials, and institutional representatives.

Alongside Tanzanian and South African business representatives, the event also included officials from the South African High Commission in Tanzania.