The Chanzo Morning Briefing – October 26, 2022. 

In our briefing today: EU commissioner for international partnership in Tanzania for official visit; Equity Bank Tanzania hosts American delegates on trade; Govt announces measures to reduce sugar shortage. 

Dar es Salaam. Good morning! The Chanzo is here with a rundown of major news stories reported in Tanzania on Tuesday, October 25, 2022.

EU commissioner for international partnership in Tanzania for official visit

European Commissioner for International Partnerships Jutta Urpilainen on Tuesday arrived in Tanzania as part of her official visits to Tanzania and Malawi to meet leaders of those countries, a statement released by the European Union Delegation to Tanzania said.

While in Tanzania, Ms Urpilainen will meet with Minister of Finance and Planning Mwigulu Nchemba and Minister of Foreign Affairs and East African Cooperation Stergomena Tax, the statement said.

The visit will be marked by an official announcement of a significant European Union (EU) grant package to Tanzania as part of the EU Global Gateway.

Also high on her agenda, is the launch of the EU Youth Action Plan in the country which will bring together Tanzanian youth organisations and young champions of key global and local actions.

Ms Urpilainen’s mission to Tanzania comes at a moment when the EU is determined to improve its relations with the African Union (AU) evidenced during the recent EU – African Union (AU) Summit in February 2022, and launch of the EU €150 billion Global Gateway Investment Package for Africa.

Moreover, it takes place just ahead of the EU-AU Commission-to-Commission meeting on November 28, 2022, which will be the opportunity to strengthen our partnership on matters of common geopolitical interest.

Equity Bank Tanzania hosts American delegates on trade

Delegates from the United States arrived in Dar es Salaam on Tuesday for a trade mission organised by Equity Bank Tanzania in collaboration with the East African Business Council, Minnesota Africans United, Global Minnesota, and Prosper Africa.

According to a statement released on Tuesday, the trade mission will see at least 10 foreign delegates representing various institutions in corporate America engage with over 500 local entrepreneurs, MSMEs, and corporates.

This will be done through organized panel discussions, one on one business networking sessions, and site visits to businesses in Dar es Salaam and Zanzibar and thereafter proceed to Kenya for a similar engagement.

The mission is part of Equity Group’s Africa Recovery and Resilience Plan, a socio-economic transformation plan launched in 2021 with the aim of impacting 100 million people within the African continent through its financial and social impact initiatives.

Speaking at the official launch of the trade mission on Tuesday, Tanzania Private Sector Foundation (TPSF) Director of Policy Advocacy Zachy Mbenna urged the attending delegates to explore Tanzania for investment areas and tap into agriculture and logistics with additional investment opportunities in tourism, the MSME sector, and mining.

“We extend a warm and cordial welcome to the visiting delegates from the USA and the local private sector players and look forward to positive engagements that will lead to business realization,” said Mbenna.

“Our interactions during this trade mission are critical as this will enhance knowledge exchange enabling us to meet the needs of the immediate market and the global trends in consumer behaviour,” he added.

On his part, the American Chamber of Commerce in Tanzania Board Member Burak Buyuksurac said that the organisation was excited to welcome the mission and appreciate the efforts by Equity to organize this great trade mission.

“We believe that this will lead to the creation of more business opportunities between Tanzania, Kenya, and the USA,” he said.

Equity Bank Tanzania Managing Director Isabela Maganga said that investment in trade will not only empower people in Tanzania but will also build its economy.

“A growing economy means improved lives and livelihoods,” she said. “Tanzania has massive potential in agriculture, manufacturing, mining, energy, tourism, transport, and logistics among many other sectors.”

She said Equity Bank is partnering with its customers and the people of Tanzania to create value from these vast resources by bringing awareness to the opportunities in Tanzania.

Govt announces measures to reduce sugar shortage

Director-General of the Sugar Board of Tanzania (SBT) Kenneth Bengesi announced Tuesday that the state-run organisation will be taking a number of measures aimed at ending the shortage of sugar in the country.

The measures include the expansion of sugar factories, mobilization of farmers to grow sugarcane and attraction of investors in the sugar industry, he told journalists in the capital Dodoma.

“These measures aim at increasing sugar production from the current 380,000 tons annually to 756,000 tons annually by 2025,” Mr Bengesi said.

The current sugar demand in Tanzania stood at 440,000 tons annually, according to the official who added that there was a shortage of 60,000 tons annually.

Mr Bengesi said that the target of producing 756,000 tons of sugar by 2025 will satisfy local demand and the surplus will be exported abroad.

SBT was currently overseeing the expansion of sugar factories in the country, adding that the newly launched sugar factory in the Bagamoyo district in Pwani will also help boost production, he said.

Mr Bengesi also said that plans were also underway to establish factories for producing industrial sugar which is currently being imported from overseas.

This is it for today and we hope you enjoyed our briefing. Please consider subscribing to our newsletter (see below) or following us on Twitter (here) or joining us on Telegram (here). And in case you have any questions or comments, please consider dropping a word to our editors at editor@thechanzo.com.

 

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