Iran investors eye partnership pacts

Dar es Salaam. A team of investors from Iran is in the country on a follow-up mission on the implementation of a partnership agreement signed with their Tanzanian counterparts almost one year ago.

The two parties held a Tanzania-Iran Investment forum that took place on Wednesday. At least fifteen Iranian investors are eager to initiate joint ventures with their Tanzanian counterparts in sectors such as energy, minerals, agribusiness and agro-processing, oil and gas, construction, financial services, health, water and real estate development.

Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), president Mr Peter Chisawilo termed the initiative to be an important opportunity to Tanzania’s business community.

“Last year, we signed a Memorandum of Understanding (MoU) with Iran Chamber of Commerce and Energy so they can initiate joint venture projects, but the deals are yet to be established. This is therefore a crucial opportunity for Tanzanian investors to exploit,” he said.

He said so far there are no figures indicating that Tanzania has been exporting commodities and services to Iran. He said Tanzanian investors were not creative enough to team up with their foreign counterparts. They also have internal management weaknesses.

The head of Iranian delegation Ambassador Movahedi Ghomi, who is also Deputy General Director for Africa Affairs in the Ministry of Foreign Affairs in the Western Asian nation, said that the Persian investors have been excited with business opportunities available in Tanzania.

“Iran is importing several commodities from other countries like Maize, sugar, seed oil and citrus fruits. I know that Tanzania is well placed geographically to export these products, but initiatives are yet to be taken,” says Ambassador Ghomi.

He says that since Tanzania has a huge opportunity in producing foods, East Africa’s second largest economy can use that to strike several investment deals with Iranian investors.

MORE INFO: EXPORT CAPACITY OF IRAN TO AFRICA

According to 2013 figure compiled by the TCCIA, Iran had a capacity of exporting commodities valued at $200 million (Sh340 billion), while exports to Tanzania had amounted $65 million (Sh110.5 billion) in the same year.