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Business Opportunities in Finland and in Tanzania

Finnpartnership organised in cooperation with Tanzania Investment Center (TIC) and the Finnish Embassy in Tanzania a seminar “Tanzania-Finland Business Opportunities” on 10th of May in Dar es Salaam. The seminar attracted over 50 Tanzanian entrepreneurs, programme officials, TIC management and officials from the Embassy, and got quite a lot of attention in the Tanzanian media.

Mr. Kimmo Laukkanen from the Embassy of Finland presented Finland’s versatile business opportunities, such as the attractive energy and environment sectors, as well as the ICT sector. Also, Finnpartnership’s services were presented in the seminar. With the help of the Matchmaking Service, companies and organisations in Tanzania and other developing countries can seek out new cooperation opportunities and business partners from Finland. TIC’s Director of Finance and Administration, Beatrice Chonjo stated in the seminar that the support of Finnpartnership is very important for Tanzanian businesses, which are not strong enough, to be able to get exposure from their Finnish counterparts, as well as efforts to attract investments. She added that the initiative is one of TIC’s efforts to strengthen business in the country.

Tanzania is an emerging economy with high growth potential. The country is politically stable and possesses unexploited natural wealth. It has deficiency in infrastructure but at the same time this offers huge opportunities for investments. TIC’s Manager for Foreign Investment Promotion, Patricia Mhondo presented the role of TIC in attracting investments to Tanzania. Tanzania offers attractive investment incentives for companies, e.g. 0 % import duty and 0 % VAT on capital goods until the business becomes profitable, aiming at providing a competitive fiscal regime for foreign trade. The priority sectors encouraged for investments are agriculture and agribusiness, extractive industries, infrastructure, and tourism. These sectors are at the moment lacking development, but have lots of potential. Africa is not yet the destination of choice for FDIs from developed countries. Its share of global FDI flow in 2010 was only 4 %. Tanzania’s internal challenges are for example in infrastructure, specialized skills, investment capital, and bureaucracy. One of the TIC’s aims is to improve company registration in Tanzania and overall to encourage, promote, and facilitate investments.

More information on actors, like TIC, can be found in Finnpartnership’s Developing Country Database. If you are interested to find out more, please do not hesitate to contact TIC or Finnpartnership.

Published 30.05.2012