JPM woos SA investors in meeting with Ramaphosa

16Aug 2019
By Guardian Reporter
The Guardian
JPM woos SA investors in meeting with Ramaphosa

PRESIDENT John Magufuli yesterday held talks with his South African counterpart Cyril Ramaphosa and used the opportunity to explain why Tanzania should be the destination of choice for investors from the Rainbow Nation.

President John Magufuli welcomes his South African counterpart, Cyril Ramaphosa, to State House in Dar es Salaam yesterday. The latter is in Tanzania for the two-day 39th Southern African Development Community (SADC) Heads of State and Government Summit to be held in the city at the weekend. Photo: State House

The two leaders discussed bilateral, regional and global issues, and reaffirmed their commitment to cooperate closely on multilateral issues with the view to improving living standards of the people.

A statement released by the Directorate of Presidential Communications at the State House said the Head of State said that ongoing improvements in the ease of doing business and the historical, cordial relations between the people of the two countries makes Tanzania the place to go for South African investors.

“Because South Africa is advanced in industrialization, President Magufuli welcomed investors from that country to come and invest in areas such as pharmaceuticals and mineral processing,” the statement noted.

“The government is ready to support them with all kinds of facilitation that might be needed.”

Given South Africa’s performance in tourism—10 million versus Tanzania’s 1.5 million annually—President Magufuli also invited interested investors from there to move into the hospitality industry, it similarly noted.

The president affirmed that South Africa is Tanzania’s leading business partner in the Southern Africa Development Community (SADC), accounting for 70 per cent of Tanzania’s trade within the bloc. Last year, trade between the two countries rose to 2.687trn/- up from 2.528trl/- in 2917.

“We have decided to import from South Africa instead of farther afield. To start with, motorcycles to be used in motorcades during the 39th SADC Ordinary Summit of Heads of State and Government have been imported from South Africa,” the president told his visitor.

For his part, President Ramaphosa said South Africans see Tanzania as their other home and promised to strengthen bilateral relations in the areas of economy, health, security and tourism, the statement said.

The South African leader expressed satisfaction with how investments from his country are fairing in Tanzania, saying that currently there are 228 companies which employ 21,000 people.

He extended invitation to Tanzanian investors to grab opportunities available in his country and invest.

President Ramaphosa who jetted into the country on Wednesday is on his first state visit to Tanzania since assuming office in May this year. Ramaphosa will also lead the South African delegation to the 39th SADC Ordinary Summit of Heads of State and Government scheduled for Saturday and Sunday.