Tanzania has signed contracts worth Sh17.5 trillion in past 5 years

Tantrade director general Latifa Khamis revealed this yesterday during a media seminar with editors.

The meeting was is response to the directive of the Treasury Registrar, which requires all public institutions to meet editors and detail their achievements.

She said Tantrade sought commercial opportunities for Tanzanian companies and linked them to domestic and foreign markets through Tanzanian embassies abroad.

The aim, she said, is to develop and promote the economy through business.

She advised businessmen to seek a market in Africa and Asia where there is a greater opportunity compared to the European market.

According to her, there were many opportunities for Tanzanian businessmen in the African and Asian markets where they can sell variety of products because the markets are not ties to strings of conditions.

She said even the distance between Africa and Asia was favourable to business.

Regarding achievements the authority has recorded so far, the DG said has been able to collect Sh40 billion in the past five years to cross the Sh52.5 billion target.

She explained that the authority had collected from various sources including subsidies from the Central Government and local revenue sources including fees charged for coordination and exhibition management.

She also spoke of challenges the authority faces. She said there were still some traders involved in fraud, thus tarnishing the image of the country.

She said there were complaints of foreign buyers being defrauded by some Tanzanian traders, something she said destroys commercial reputation. She named other challenges as failure by some traders to meet export targets and sustainability.

She said after doing business for some years, some traders decide to divert their capital for other uses, thereby failing to continue exporting products as per agreements.

"If a person sells twice and earn something they decide to spend capital on other businesses, and therefore fail to continue sending goods and ending up losing client," she said.

The DG said Tantrade will continue providing education and training to promote businesses in order to achieve the government's goal of becoming a hub for business by developing, promoting and advertising products and services locally and abroad.

She noted that Tantrade will continue to coordinate market research and business development activities to integrate producers and develop partnerships with Tanzanian ambassador abroad in nudging them about the market opportunities for locally-produced products.

She said the authority will continue to strengthen and promote cross-border trade as well as coordinate Tanzania's participation in Expo 2025 Osaka, Japan.