CTI and CCA coming together to develop a US-Tanzania trade and investment strategy
The Confederation of Tanzania Industries (CTI) has partnered with the Corporate Council on Africa (CCA) to develop a strategic approach to increase US-Tanzania trade and investments.
The call was made by Ambassador Elsie Kanza, the Tanzanian Ambassador to the US. Among many other things, Ambassador Kanza tasked CTI to bring more visibility and awareness to the opportunities to expand Trade and investment between Tanzania and the USA under the African Growth and Opportunity Act (AGOA).
CTI and CCA signed an MoU during the official visit to the US last year, on 22nd April 2022, in Washington DC aimed to promote US Tanzania Bilateral trade. Last week’s event, held on 8th November 2023, marked the first of the implementation activities under the MoU, where CTI in collaboration with CCA organized the first US-Tanzania Business and Investment Roundtable.
The Roundtable brought together key private sector stakeholders notably TPSF, TCCIA, ZNCC, TWCC, ATOGS, AMCHAM, and top officials from different companies in both USA and Tanzania.
Through the partnership between CTI, CCA, and key stakeholders aimed to increase value-added trade and investment between Tanzania and the United States.
US investors are ready to partner with Tanzania to unleash Tanzania’s enormous economic potential. The US-Tanzania Commercial Dialogue will catalyze and increase US-Tanzania commerce trade in ways that directly benefit the Tanzanian private sector.
Ambassador Kanza emphasized the need for Tanzania's manufacturing sector to effectively utilize the opportunities that come with different agreements like AGOA.
For instance, in the textile sector, Tanzania has the potential to become a hub for textile and apparel manufacturing by utilizing the raw materials that the country has with value additions.Ambassador Kanza is excited about the prospects of promoting further trade and investment ties between Tanzania and the US, focusing on increasing US private sector involvement in the Tanzanian economy to deepen and expand the long-term US-Tanzania partnership and advance shared priorities.
"Tanzania should continue creating a strong private sector to speed up economic growth and national prosperity. As stated, a robust private sector plays a significant role in the economic expansion of many industrialized nations, generating the multitude of jobs required to lift people out of poverty and into a middle-class economy," said Ambassador Dr. Michael A. Battle Sr, the US Ambassador to Tanzania.
The President and CEO of CCA, Ms. Frorizelle Liser, expounded that Tanzania has not fully utilized the opportunities available in the American market and that a large number of business entities in the US are interested in doing business in Tanzania.
For that matter, CCA is committed to raising awareness of the existing business and investment potential available in our two countries.Moreover, the Chairman of CTI, Mr. Paul Makanza said, “We are determined to strengthen the existing cooperation and entice Tanzanian manufacturers to produce value-added products that meet AGOA standards.
CTI promises its full support in enabling the success of these initiatives.”As stated, a robust private sector plays a significant role in the economic expansion of many industrialized nations, generating the multitude of jobs required to lift people out of poverty and into the middle class.
The Executive Director of CTI, Leodegar Tenga said, "we are determined to continue the existing cooperation and giving out awareness on the American market and enticing Tanzania manufacturers to produce value-added products with International stands for export in the AGOA market".