Dar es Salaam. A delegation from the Dubai Chamber of Commerce is in Tanzania to explore investment opportunities, particularly within the country’s Special Economic Zones (SEZs).
The visit has been hailed by the Export Processing Zones Authority (EPZA) as a significant milestone in showcasing Tanzania’s potential as a hub for industrial and economic development.
The EPZA Director General, Mr Charles Itembe, attributed the visit to President Samia Suluhu Hassan’s economic diplomacy, which has enhanced Tanzania’s reputation as Africa’s gateway to global markets.
“Tanzania is now recognised as a secure and attractive destination for manufacturers targeting international markets,” said Mr Itembe during the meeting in Dar es Salaam.
Mr Itembe spoke of Tanzania’s ongoing preparations to expand SEZs in key locations such as Bagamoyo, Dodoma, Tanga, Kwala and Kigoma.
The Bagamoyo SEZ alone is projected to host over 2,000 industries, offering opportunities for private sector investment in infrastructure and manufacturing.
“SEZ and Export Processing Zone (EPZ) programmes have proven instrumental in advancing industrial economies globally, enabling rapid growth in domestic production. We are inviting investors to seize this opportunity to establish factories and produce goods for the African market,” he said.
He also assured the delegation of the safety and security of their investments, citing the government’s commitment to creating a conducive environment for foreign investors.
The President of the Dubai Chamber of Commerce, Mr Mohammad Ali Lootah, commended the flourishing trade relations between Tanzania and the UAE, which have grown to $2.7 billion.
He noted that Tanzania’s strategic location and the strength of its industrial sector make it an ideal destination for investors.
“Many businesspeople and industrialists are eager to explore Tanzania’s investment potential, particularly in SEZs,” said Mr Lootah.
He added that investments in Tanzania’s port infrastructure and other sectors have further strengthened ties between the two nations.
Mr Itembe highlighted Tanzania’s participation in the African Continental Free Trade Area (AfCFTA), which allows duty-free and quota-free access to African markets for goods produced in SEZs.
He urged the Dubai Chamber delegation to capitalise on these opportunities, stating that the visit reflects the global recognition of Tanzania’s economic potential.
EPZA anticipates that the visit will attract significant investments, particularly from the Arab world, enhancing the country’s industrial competitiveness and fostering sustainable economic growth.
This engagement coincides with Tanzania’s ongoing infrastructure projects, including the Sh513 billion Chalinze-Dodoma power line, further solidifying the country’s commitment to becoming a regional and global economic powerhouse.
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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.
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Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
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