The Tanzanian High Commission in the United Kingdom has entered into an investment deal with the London Stock Exchange (LSE).
High Commissioner Mbelwa Kairuki disclosed the deal after holding discussions with Abi Ajayi, the Head of Middle East and Africa, Primary Markets at the LSE during a recent visit.
“The embassy plans to organize a meeting on March 29, 2024, to inform participants about the UK government’s trade promotion program, including a 98 percent tax exemption for Tanzanian products entering the UK market,” said Ambassador Mbelwa when delivering the Commission’s New Year message.
The deal comes after Professor Kitila Mkumbo, the Minister of State in the President’s Office for Planning and Investment said Tanzania is targeting new investment projects worth $15 billion by the year 2025 in a nationwide campaign.
The High Commission aims to leverage the LSE to facilitate access to capital for key projects in the country. The initiative aligns with Tanzania’s priorities for 2024, focusing on exports and tourism to boost foreign currency reserves.
In 2023, Tanzania successfully increased its exports to the UK to $200 million, up from $49 million in 2022.
The East African country expressed highest optimism, targeting a volume increase to $250 million in 2024 through strategic partnerships and initiatives.
Tanzania’s Foreign Policy has channelled its focus on active international engagement and sustainable economic objectives.