Tanzania invites Pakistan investors to explore emerging sectors

Tanzania invites Pakistan investors to explore emerging sectors

Dar es Salaam. The government has extended an invitation to Pakistani investors to explore opportunities in Tanzania’s emerging sectors, including the blue economy, renewable energy, mining, and transport.

The Deputy Minister for Foreign Affairs and East African Cooperation, Mr Cosato Chumi, issued the call during celebrations to mark the 85th Pakistan Day, held on Friday, April 11, 2025.

He reaffirmed the government’s commitment to strengthening socio-economic and diplomatic ties with Pakistan, noting that bilateral trade between the two countries reached Sh423 billion last year.

Mr Chumi highlighted that Pakistan’s cumulative investment in Tanzania’s manufacturing, agriculture, transport, and services sectors has surpassed $248 million (Sh644.8 billion).

“Pakistan is a key investor in Tanzania. I am confident that both countries will continue to expand trade, investment, and cooperation, especially in emerging sectors such as the blue economy, renewable energy, mining, and transport,” he said.

He also commended the ongoing technical cooperation between the two nations, driven by a range of initiatives involving training, scholarships, capacity building, and knowledge exchange.

Mr Chumi specifically acknowledged the continued benefits many Tanzanians have received under the Technical Assistance Programme for African Countries (TAPAC), a long-standing initiative of the Pakistan government.

He further noted the strong military collaboration between the two countries, which includes joint training and regular exercise.

The Deputy Minister also praised the contributions of the Pakistan diaspora in Tanzania, numbering around 3,000 people, stating that their presence continues to support the country’s development agenda.

He underscored their active participation in various sectors—including construction, medicine, agriculture, and social welfare—as an example of their commitment to national development.

“This community serves as a lasting bridge that continues to strengthen the ties between our two countries,” he said.

Pakistan’s High Commissioner to Tanzania, Mr Siraj Ahmad Khan, reflected on the country’s progress since independence, describing it as a modern and progressive Islamic state.

He said Pakistan has built partnerships across the globe, including with African nations, guided by principles of mutual respect, shared interests, and common values.

“This year, as we commemorate Pakistan Day in Tanzania, I am reminded of the deep-rooted friendship and mutual respect that bind our two nations,” he said.

He added that since the establishment of diplomatic relations, Pakistan and Tanzania have enjoyed warm and friendly ties.

Mr Khan further elaborated on the growing collaboration across a range of fields, including trade, education, capacity building, health, and defence.

“Our shared commitment to peace, development, and regional stability continues to reinforce this bond,” he said.

He also reaffirmed Pakistan’s dedication to supporting both regional and global peace efforts, and reiterated his country’s strong support for Tanzania’s development ambitions.

The envoy went on to highlight the deepening cooperation in health and education, acknowledging the valuable contribution of Pakistani doctors and medical professionals to Tanzania’s healthcare system.

“As we look to the future, we are committed to further strengthening our partnership with Tanzania, a country that shares our vision for peace, progress, and prosperity,” said Mr Khan.

“Together, we can address global challenges—such as climate change, poverty, and inequality—and work towards building a more inclusive and sustainable world,” he added.

Original Media Source

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Britam half-year net profit hits Sh2bn on higher investment income
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Britam half-year net profit hits Sh2bn on higher investment income

Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.

The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.

“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.

“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”

The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.

Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.

The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.

Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.

The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.

“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.

Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.

Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.

CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.

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