Germany, Tanzania work on bridging trade gap

Dar es Salaam. The newly launched Germany Chamber of Commerce has a mounting task of bridging the trade gap between Tanzania and Germany, which was valued at Sh357.3million by 2017.

Speaking during the opening of the Germany Chamber of Commerce Liaison Office on Monday, Minister of Industry, Trade and Investments, Mr Charles Mwijage, said that German investors were highly welcomed to bridge the gap.

Mr Mwijage said the balance of trade between Germany and Tanzania has been unfavourable every year, citing 2017 when imports from Germany were valued at Sh465.6 million, while exports were at Sh108.5 million during the same period.

“I advise you to treat this yawning trade gap as a significant opportunity for your investors to expand capital to our country,” he said, adding that the chamber came at the right time given the government’s strategy to encourage investors and strengthen the private sector.

The centre, dubbed AHK Services Eastern Africa, will be coordinating German businesses and investments in Tanzania.

“I emphasize that if you see bad roads, see it as your opportunity to invest in our country. There are so many business opportunities here, but the only problem is our lack capital and technology, which you have,” the minister said.

German Ambassador to Tanzania Detlef Wachter said his country would bridge all the gaps affecting trade relations between the two nations.

“We want to strive for a win-win situation in economic co-operation. We want to invest here and do business easily. Our government must assist us to expand investments,” said the German Ambassador.