Tanzanians invited to invest in South Africa
TANZANIA: THE South African Ambassador to Tanzania Noluthando Mayende-Malepe has called on Tanzanian companies to invest in his country in order to boost the economies of both nations.
Speaking during the commemoration of South Africa’s 30th anniversary of Freedom Day, Ambassador Malepe stressed that Tanzanian companies should take advantage of the African Continental Free Trade Area (AfCFTA) by opening businesses in South Africa and benefit from the available market opportunities.
South Africans celebrate ‘Freedom Day’ every April 27, marking the country’s first democratic general elections in 1994 that officially heralded the end of apartheid and oppression under the minority White racist rule. Speaking at the event held in Dar es Salaam recently graced by the Deputy Minister for Industry and Trade, Exaud Kigahe, the envoy said that it is high time for the two nations to enhance trade and economic cooperation for the benefit of their citizens.
Currently, trade between Tanzania and South Africa has been growing rapidly in recent years. In 2022, the total value of trade between the two countries reached 1.9 billion US dollars, an increase of 12 per cent from 2021. The main exports include gold, cashews, cotton, soybeans, and sunflower oil.
In 2022, the value of exports from Tanzania to South Africa reached 1.3 billion US dollars. In addition, exports from South Africa to Tanzania, including petroleum products, machinery, electrical appliances, and vehicles, reached 0.6 billion US dollars in 2022.
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Meanwhile, Deputy Minister for Industry and Trade, Exaud Kigahe said that Tanzania has put in place conducive investment environment for South African investors to invest in the East African nation.
He also congratulated the people of South Africa on the 30th anniversary of their Freedom Day, praising the country for having the second-largest economy in Africa. He also expressed confidence that the African National Congress (ANC) will win the upcoming elections.
However, the party lost its majority for the first time since apartheid ended 30 years ago. The commemoration of the 30th anniversary of the official end of the brutal apartheid rule in South Africa comes as the country was in preparation to hold its general elections which was held on May 29, 2024.
The first non-racial elections saw the then-banned African National Congress party win overwhelmingly, giving power to the country’s first black president, Nelson Mandela.
The ANC’s election victory ensured that apartheid was finally broken, and a new constitution was drafted and became the supreme law of South Africa, guaranteeing equality for all.
