Tanzania Business & Economics

TZ high cost of mortgage loans bites, reports shows

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TZ high cost of mortgage loans bites, reports shows


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Revealed: Why FDI inflows to Tanzania dipped by 15pc

thecitizen.co.tz

Revealed: Why FDI inflows to Tanzania dipped by 15pc


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Here’s a sneak peak into the banking profession

thecitizen.co.tz

Here’s a sneak peak into the banking profession


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Equity sees major potential in agro-sector

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Equity sees major potential in agro-sector


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Acacia share price slips again

thecitizen.co.tz

Acacia share price slips again


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JPM reiterates need for speeding up crude oil pipeline project

thecitizen.co.tz

JPM reiterates need for speeding up crude oil pipeline project


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YOUR BUSINESS IS OUR BUSINESS: Trade Cullinan diamonds on the world’s markets

thecitizen.co.tz

YOUR BUSINESS IS OUR BUSINESS: Trade Cullinan diamonds on the world’s markets


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Home / Tanzania / Business
Exim Bank donates 40 beds, mattresses to Dodoma general hospital
Dodoma. Exim Bank Tanzania has donated 40 beds and 40 mattresses to the Dodoma General Referral Hospital’s maternal ward to supplement government efforts to improve health service delivery at the designated capital metropolis. A development campaign by the bank, ‘20 years of taking care of the community’ targeted to, among others, improving health service delivery by donating at least 500 mattresses and beds to public hospitals in 13 regions in the country   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dodoma |  Dodoma | 
TZ high cost of mortgage loans bites, reports shows
Dar es Salaam. Tanzanians and Ugandans pay more when borrowing to fund the purchase or construction of houses than other East Africa member states, the review for Africa housing finance market published by South African based Centre for Affordable Housing Finance in Africa has said. This indicates that purchasing newly constructed house in Dar es Salaam and Kampala is more expensive than in Nairobi, Bujumbura and Kigali   Read More ...
Categories: Business | 
Tags: Markets |  Finance |  Consumers |  Shopping | 
Places: Tanzania | 
Revealed: Why FDI inflows to Tanzania dipped by 15pc
Dar es Salaam. Business leaders have identified five reasons for the 15 per cent decline in Foreign Direct Investment (FDI) flows to Tanzania last year. Inflows to Tanzania dwindled to $1.4 billion in 2016 (Sh3.1 trillion at the exchange rate then). This is according to the World Investment Report of the United Nations Conference on Trade and Development (UNCTAD). Stakeholders who spoke to The Citizen on the sidelines of the 2nd East African Business and Entrepreneurship Conference and Exhibition last week attributed the decline to weak commodity prices, change in weather conditions, diversification of non-exported products, decline in the performance of oil and gas trade, as well as high lending rates   Read More ...
Categories: Business | 
Tags: Finance |  Investments | 
Places: Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
NBS removes currency purchasing power on CPI
The National Bureau of Statistics (NBS) has removed the currency purchasing power parity (PPP) element on its monthly Consumer Price Index (CPI) reports. The removal of the data follows the bad experiences on misinterpretations of the local currency value by politicians and media (not The Citizen). The currency purchasing power (CPP) is the measurement that determines the value of goods and services the shilling could buy at different period of time   Read More ...
Categories: Business | 
Tags: Markets |  Currencies |  Consumers |  Shopping |  Currency market | 
Places: Tanzania | 
Here’s a sneak peak into the banking profession
For one to be a successful banker, one needs to know how to generate business for the bank and motivate a staff. They must have knowledge of the banking industry and various products and services offered. Some bankers start off in entry-level teller positions, and some are hired out of college as sales associates. To move up, one needs good people skills and a network of individuals that they have established rapport with   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania | 
EFC Bank puts properties up for sale to recover debts
Dar es Salaam. Nine properties, which are located in Dar es Salaam and Coast Region, have been put up for sale by the EFC Tanzania Microfinance Bank (EFC Bank) with a view to collecting unpaid loans. The properties’ market values range between Sh36 million and Sh343 million. The market value for the two properties located at Ukonga in Ilala District stands at Sh108 million and Sh101 million each   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Equity sees major potential in agro-sector
Dar es Salaam. Small scale and medium-sized farmers will breathe a huge sigh of relief, following a decision by Equity Bank Tanzania Limited to extend lending to the agriculture sector. The bank’s Public Relations Officer, Mr Protus Mwalongo, told The Citizen that the move will transform the lives of low income earners in Tanzania. “The loans would be aimed at facilitating farmers involved in green house activities, purchasing modern agriculture equipment as well as curbing post-harvest losses,” he said   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Dry gas consumption forecast to rise by 30pc in 2017
Dar es Salaam. Tanzania’s dry gas consumption is forecast to increase to 1.7 billion cubic metres this year from 1.3 billion cubic metres last year. London-based Business Monitor International (BMI) Research, which provides macroeconomic, industry and financial market analysis in 24 industries and 200 global markets, says Tanzania has per capita gas consumption of 15.9 cubic metres while the reserve is 1   Read More ...
Categories: Business | 
Tags: Markets | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
CORPORATE SUFI : Build culture of greatness to balance business aspects
All companies have culture. Some have discipline. But few companies have a culture of discipline. Those that have it confront brutal reality, yet maintain unwavering faith that they will prevail. They preserve core values and purpose while they endlessly adapt business strategies and operating principles to a changing world. This combination of core values and forward-looking strategies stimulates progress. The Walt Disney Company, for example, embedded its core values in its mission “to bring a smile to a child’s face   Read More ...
Categories: Business | 
Tags: Corporate |  Companies |  Enterprises | 
Places: Tanzania | 
New telco banks on data services
Dar es Salaam. State-owned Tanzania Telecommunications Company Limited (TTCL), which will soon be rebranded to Tanzania Telecommunications Corporation (TTC), is banking on data and mobile money to drive revenues as it moves to become a profitable entity, starting next year. Currently, the firm generates 90 per cent of its profit from data services due to a lower cost and improved efficiency compared with other mobile operators in the country   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Govt keen on boosting tea market
Njombe. The government is undertaking a strategy that will ensure that tea farmers get a ready market for their products, raising hope for thousands of farmers and factory workers who depend on the crop for their economic livelihoods. At least 100,000 people across Mufindi, Njombe, Rungwe, Lushoto, Korogwe, Muheza, Bukoba and Muleba districts are either employed as tea farmers or work in tea processing factories   Read More ...
Categories: Business | 
Tags: Markets | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Korogwe |  Korogwe |  Lushoto |  Lushoto |  Muheza | 
Acacia share price slips again
Dar es Salaam. Acacia Mining (ACA) was the only firm at the Dar es Salaam Stock Exchange (DSE) to experience a huge drop in share price during the year ended September this year, compared to all listed companies. The share price for the company, which owns three major gold mines, fell to Sh4,980 in September this year from Sh13,820 recorded in September last year, a fall of approximately 200 per cent   Read More ...
Categories: Business | 
Tags: Markets |  Stock Markets |  Shares |  Financial Markets | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
How housing firm averted crisis
Dar es Salaam. Had it not been for the public purchase of houses constructed by Watumishi Housing Company (WHC), the firm would have struggled this year. The move to allow non-civil servants to purchase housing units from WHC ensured the developer’s stability in the face of sales challenges, according to WHC public relations and sales officer Maryjane Makawia. Established in 2013, WHC planned to build 50,000 houses to be sold exclusively to public servants, hence becoming the main implementer of the country’s civil servants’ housing scheme, beginning 2014/15   Read More ...
Categories: Business | 
Tags: Markets |  Consumers |  Shopping | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Nicol targets T-Bills to avoid risks
Dar es Salaam. Tanzania’s National Investments Company Limited (Nicol) plans to focus on non-risky investments in the next five years to beef up its profits as well as cushion itself against revenue lossesfromequities. Nicol, which was delisted from the Dar es Salaam Stock Exchange (DSE) on July 6, 2011, is currently planning to make a comeback to the Dar bourse early next year   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Over to you Prof Luoga, the market has spoken
Stakeholders in the country’s socio-economic wellbeing are looking forward to the arrival of Prof Florens Luoga at No. 2, Mirambo Street’ in Dar es Salaam. That address is home to the Bank of Tanzania (BoT), and Prof Luoga is the next BoT Governor, newly-appointed to that pivotal position by President John Magufuli. We say ‘pivotal position’ because central bank governors are of crucial importance to the successful development of national economies, especially considering that the institution is a national authority that is expected to diligently implement the government’s monetary policy, provide financial and banking services for the government, regulate banking, issue currency and provide special financial services, including research   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
WB to conduct sustainability analysis for Tanzania’s debt
Dar es Salaam. The World Bank is expected to conduct Tanzania’s Debt Sustainability Analysis (DSA) next year to determine vulnerability of the debt stock to the national economy. A similar analysis was conducted by the Bretton Woods institution last year. The World Bank chief economist for Africa, Dr Albert Zeufack, says the assessment would involve looking into the debt risk vis-à-vis the economy   Read More ...
Categories: Business | 
Places: Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Govt compensates 695 customers of failed FBME Bank Sh728m
Dodoma. The government has spent Sh728 million on deposit insurance to compensate 695 customers of FBME Bank, whose licence was revoked by the Bank of Tanzania (BoT). Speaking in Parliament in Dodoma on Thursday, November 16, the deputy minister of Finance and Planning, Dr Ashatu Kijaji, said the compensation was made in compliance with section 39 of the Banking and Financial Institutions Act, 2006   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dodoma | 
Bourse shocks prompt TCCIA Investment to change tack
Dar es Salaam. It was established in 2005 to specifically tap potentials of the stock market but TCCIA Investment PLC now seeks to diversify its portfolio following shocks in the stock exchange. The company - owned by mostly old men and women - started with a capital of Sh1.9 in the year and bought shares in seven counters of the companies listed on the Dar es Salaam Stock Exchange   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Victims of market disaster get Sh1.5bn from insurers
Mbeya. Insurance companies are paying a total of Sh1.5 billion to 80 traders at Sido Market here whose businesses were burnt in August. Thousands of traders were affected but the compensations will only involve about 80 of them who had insured their businesses against disasters. Actual issuance of cheques started yesterday during an event that was attended by Commissioner of Insurance Baghayo Saqware, Mbeya Regional Commissioner Amos Makalla and representatives from 15 insurance companies and some of traders at the market   Read More ...
Categories: Business | 
Tags: Markets |  Insurance | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania | 
One stop border post to boost trade between Uganda, Tanzania
Kampala. Clearing cargo between Uganda and Tanzania should now be much faster after the launch of the Mutukula one stop border post (OSBP). The Mutukula OSBP commissioned by the President Yoweri Museveni and his Tanzanian counterpart John Magufuli, is also expected to allow freer movement of people between the two neighbouring countries. In their remarks during the commissioning last week, the two Presidents warned border officials from inhibiting cross-border movements and said the OSPB comes in handy in spurring regional trade   Read More ...
Categories: Business | 
Tags: Markets |  Trade | 
Places: Africa |  Sub-Saharan |  E. Africa |  Uganda |  Tanzania | 
Pooled investment funds can unlock long-term financing sources
This the third piece in a series of articles whose objective is to share and engage us with the concept of pooled investments so we can ultimately see their (pooled investments) potential in further exploring and mobilization our financial resources to finance our own development. With this I also intend to remind us on the difficulty that we, as a society might have and the inefficiencies we might continue to create amongst us due to failure in coordinating ourselves better so that we can eventually pool our minimal financial resources together in a manner that would in the end collectively benefits us   Read More ...
Categories: Business | 
Tags: Finance |  Investments |  Investment Funds | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania | 
People’s Bank of Zanzibar profit rises to Sh16bn
Zanzibar. The People’s Bank of Zanzibar (PBZ) has recorded a 22.7-per cent increase in profit after tax deduction during the third quarter of 2017 compared to the same period last year. Speaking during a press conference yesterday, PBZ managing director Juma Hafidh said the bank’s profit jumped to Sh15.7 billion from the previous year’s Sh12.8 billion. “A 22-per cent increase in profit is commendable indeed, thanks to a well done job by our branches in Mainland Tanzania and the Isles, with each accounting for Sh8   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Zanzibar | 
TCCIA investment arm sets eyes on lucrative real estate
Dar es Salaam. TCCIA Investment PLC shareholders have agreed to invest more in profit-making projects, such as real estate and warehouses in fast-growing cities and towns across the country as they think beyond investing in equities. The shareholders who spoke during the firm’s 12th Annual General Meeting (AGM) exuded confidence that the company was moving in the right direction. However, they noted there was a need for the investment arm to venture into other lucrative projects like in real estates and warehouses   Read More ...
Categories: Business | 
Tags: Corporate |  Enterprises |  Finance |  Investments |  Shareholders | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
SA investor snaps up brewer’s shares
Dar es Salaam. Foreign investors snapped up Tanzania Breweries Limited (TBL) shares last week to send the weekly turnover at the Dar es Salaam Stock Exchange (DSE) to a record performance over five years. The beer maker transacted a total of 6,292,603 shares to contribute a cool Sh84.95 billion, almost equivalent to last week’s Sh85.8 billion turnover. The Sh85.8 billion-turnover was a rise from only Sh2   Read More ...
Categories: Business | 
Tags: Finance |  Investments |  Investors | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
EAC firms at risk of losing market shares to other competitors
Dar es Salaam. East African Community (EAC) manufacturing firms risk to get their increasing market share pie eaten by other competitors, a new report shows. This was revealed Friday, November 11, in the city during the launch of the EAC Industrial Competitiveness Report 2017. In light of its key findings, the report calls for renewed efforts to boost the manufacturing sector in the region   Read More ...
Categories: Business | 
Tags: Markets |  Manufacturing | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Citibank opens new Tanzania head offices
Dar es Salaam. Citibank-Tanzania has officially opened a new headquarters at Serengeti House. This is on Plot 1962, Toure Drive, Oyster Bay, near Coco Beach. Speaking at the brief ceremony to open the new office, Jim Cowles, Citi’s chief executive officer (CEO) for Europe, Middle East & Africa (EMEA) said the bank focuses on being the best bank for its clients   Read More ...
Categories: Business | 
Places: Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Hope as banks pledge more support
Dar es Salaam. Private Agricultural Sector Support Trust (Pass) guaranteed loans to agriculture are likely to increase substantially, thanks to partner banks that have pledged more funding to farming activities. The National Microfinance Bank (NMB) and CRDB Bank, the major partners of Pass in provision of credits to collateral challenged peasants, have expressed interest to intensify working relations with the trust to reach more needy peasants in rural areas in particular   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Investment company shareholders to meet in Dar
Dar es Salaam. TCCIA Investment PLC will hold its 12th annual general meeting (AGM) from, which members will acquire new skills and knowledge on investing in shares, the firm’s chief executive officer Donald Kamori said in Dar es Salaam yesterday. Scheduled for Karimjee Hall in the city, the meeting is expected to attract more than 50 of the firm’s shareholders from different parts of the country, including new shareholders, who bought shares in February and March, this year   Read More ...
Categories: Business | 
Tags: Corporate |  Enterprises |  Finance |  Investments |  Shareholders | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
JPM reiterates need for speeding up crude oil pipeline project
Dar es Salaam. President John Magufuli has reiterated a call for acceleration of the East African crude oil pipeline project from Hoima in Uganda to Tanga. Addressing a rally in Ruzingwa Village in Uganda on Thursday, November 9, before laying the second foundation stone of the project, President Magufuli said since the region required huge investment projects, he was of the view that the project should be completed before 2020   Read More ...
Categories: Business | 
Tags: Markets |  Commodity Markets |  Energy market |  Crude oil | 
Places: Sub-Saharan |  E. Africa |  Tanzania |  Hoima | 
JPM reiterates need for speeding up of crude oil pipeline project
Dar es Salaam. President John Magufuli has reiterated a call for acceleration of the East African crude oil pipeline project from Hoima in Uganda to Tanga. Addressing a rally in Ruzingwa Village in Uganda on Thursday, November 9, before laying the second foundation stone of the project, President Magufuli said since the region required huge investment projects, he was of the view that the project should be completed by 2020   Read More ...
Categories: Business | 
Tags: Markets |  Commodity Markets |  Energy market |  Crude oil | 
Places: Sub-Saharan |  E. Africa |  Tanzania |  Hoima | 
YOUR BUSINESS IS OUR BUSINESS: Trade Cullinan diamonds on the world’s markets
Today, November 9, is ‘Inventors Day’ in Germany, Switzerland and Austria, designated to commemorate contributions by inventors to the national economy. Countries are free to designate a date of their own choice. Unfortunately, Tanzania’s yet to designate ‘Inventors Day’ – although the President John Pombe Magufulu administration (Nov. 5, 2015—) has embarked upon ‘industrialization’ in noble efforts to propel Tanzania to a semi-industrialized, middle-income Economy – in tandem with the ‘National Development Vision-2025   Read More ...
Categories: Business | 
Tags: Markets |  Trade | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania | 
Franchising as SME strategy in Africa
Africa probably presents the world’s last big business opportunity. The continent however, has been trivialized and more than marginalized by global businesses. But Africa desperately needs to achieve growth. The continent offers real opportunity and prospects that are truly exciting and rewarding. But optimism and hope does not produce results. The question then begs why Africa has until recently been isolated   Read More ...
Categories: Business | 
Places: Africa |  Tanzania | 
Volatile global commodity prices threaten Tanzania
Dar es Salaam. The Tanzanian economy will continue to remain volatile on account of global economic shocks – mainly in the commodity prices stakes. Indeed, Tanzania is listed among the countries in the world that are heavily dependent on commodity exports for their economic growth. According to a report on the ‘State of Commodity Dependence’ published recently by the United Nations Conference on Trade and Development (UNCTAD), Tanzania’s share of commodity exports as a share of total merchandise exports increased to 85 per cent in 2014/2015, rising from 83 per cent in 2009/2010   Read More ...
Categories: Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Banana growers cry over construction of international market
Mbeya. Banana growers in Bujonde Village in Rungwe District have asked the government to speed up the construction of the international banana market to open up economic opportunities. Speaking to The Citizen on Sunday, farmers said banana business had dropped substantially, a situation that made traders set their own prices that did not match with production costs. Speaking on lack of the market, Mbeya regional commissioner Amos Makalla (pictured) said the government had prioritised to construct the international banana market next year and they were strategising to set aside an area for the purpose   Read More ...
Categories: Farming |  Business | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Bujonde |  Rungwe | 
TCCIA Investment PLC shareholders meet in Dar tomorrow
Dar es Salaam. The TCCIA Investment PLC has organised its 12th Annual General Meeting (AGM) among other issues, members will be imparted new skills and knowledge on investing shares before the start of the meeting tomorrow, the Firm’s Chief Executive Officer, Mr Donald Kamori said in Dar es Salaam on Wednesday, November 8, 2017. Mr Kamori said the long-awaited meeting to be held at Karimjee Hall, would attract the firm’s over 50 shareholders from different parts of the country including new ones who bought shares in February and March, this year   Read More ...
Categories: Business | 
Tags: Finance |  Investments | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
JPM directs public servants issuing sugar import permits to be assigned other duties
Dar es Salaam. President John Magufuli has directed the ministry of Trade, Industries and Investment to assign other duties, public servants issuing sugar import permits over looming irregularities. The Head of State issued the directives on Wednesday, November 8, in Msenyi District, Kagera Region, when addressing a rally at Kagera Sugar Company premises, linking public servants issuing sugar import permits with corruption and providing permits to unauthorised dealers   Read More ...
Categories: Business | 
Tags: Taxes |  Markets |  Imports |  Taxation | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Dar | 
Exporters of horticultural products advised to follow standards
Arusha. Exporters of horticulture have been implored to ensure their products meet the mandatory hygienic guidelines required by consumers, especially those in overseas markets. Their exports must also be certified by the general agricultural and manufacturing practices guidelines set by the Tanzania Bureau of Standards (TBS) for fruits and vegetables to ensure that they are not contaminated with any hazardous material   Read More ...
Categories: Business | 
Tags: Markets |  Products | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania | 
A year after cash ban, India's black money market is thriving
New Delhi, India | AFP | When India declared most bank notes unuseable a year ago in an effort to flush out tax cheats, one steel manufacturer was so spooked he resolved to do business by the book in future. But 12 months on from the shock move, the industrialist says he has gone back to cash under the table at the insistence of his buyers -- undermining government claims that the bold scheme has cleaned up India's graft-ridden economy   Read More ...
Categories: Business | 
Tags: Markets | 
Places: Tanzania |  Asia |  S. Asia |  India | 
Lack of reliable market for pigeon peas results in low tax collection in Newala
Newala. Lack of the reliable market for pigeon peas has affected revenue collection at Newala District Council in Mtwara Region in the first quarter of financial year 2017/18. It has also created doubts that the council may not implement its development projects. According to Newala district executive director Mussa Chimae, the council in the corresponding period of 2016/17 collected Sh118.7 million, but in 2017/18 only Sh12   Read More ...
Categories: Business | 
Tags: Markets | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |  Mtwara |  Newala | 
Exports to Turkey up 110pc in 9 months
Dar es Salaam. Tanzania’s exports to Turkey increased by 110.2 per cent during the first nine months of this year compared with a similar period last year as the two countries foster their trade and investment relations in cementing the groundwork laid when the latter’s President visited the former in January this year. Turkish President Recep Tayyip Erdogan visited Tanzania in January this year – complete with a delegation of over 150 traders and other government officials – whereby he signed nine bilateral agreements with President John Magufuli, aiming at building up the economies of both countries   Read More ...
Categories: Business | 
Tags: Markets |  Exports | 
Places: Africa |  Sub-Saharan |  E. Africa |  Tanzania |