Dar es Salaam. Business leaders from Tanzania and Kenya have called for deeper economic integration, urging the two countries to move beyond traditional trade and build a unified commercial system capable of attracting large-scale investment.
Speaking at the Tanzania–Kenya Investment Forum on May 4, held alongside the state visit of Kenyan President William Ruto, Tanzanian businessman Rostam Aziz said the future of both economies lies in stronger private sector–driven integration.
Mr Aziz said discussions between the two nations should shift from trade to the creation of a single commercial system that can compete regionally and globally.
“We need to move from trade to something much bigger, a system that can compete and scale to attract capital for both regional and global markets,” he said.
He said that such an approach would enable the two countries to achieve the scale needed to draw investment and accelerate economic transformation.
Mr Aziz said the global economy is currently valued at about $100 trillion, while global debt stands at roughly $300 trillion, limiting governments’ ability to borrow further.
“This creates both an opportunity and a necessity for the private sector to step in and drive development,” he said.
He added that Kenya has already reached high borrowing levels, while Tanzania is approaching a similar position, making private sector participation increasingly critical.
“On their own, our GDPs, about $130 billion for Kenya and around $100 billion for Tanzania, are relatively small. But together, they present a stronger investment case,” he said.
Mr Aziz also called for the harmonisation of Public-Private Partnership (PPP) frameworks to support transformative projects financed through capital market instruments such as bonds and initial public offerings (IPOs).
“This approach will transform infrastructure in both countries and unlock our true potential,” he said.
He expressed confidence that deeper integration would be key to achieving long-term ambitions, including building a multi-trillion-dollar economy by 2050.
“I don’t see how we can reach that ambition without working together through a single commercial system that provides the scale needed to attract capital,” he said.
Echoing similar sentiments, KCB Group CEO, Paul Russo said unlocking investment requires strong commitment and a shift from identifying opportunities to delivering results.
“In many cases, we focus on opportunities rather than performance—someone must take the lead,” he said.
Mr Russo emphasised that the private sector thrives on predictability and transparency, noting that addressing mistrust remains key to unlocking investment flows.
“If we want to create scale, focusing on one country or one market will not work. We must be bold enough to open up,” he said.
He added that cross-border investments between Tanzania and Kenya have grown significantly in recent years, citing KCB Group as an example of how regional expansion strengthens business resilience.
“If KCB had remained in one market, it would have struggled during periods of pressure. Diversification across markets has been critical for growth and stability,” he said.
Mr Russo also called for closer collaboration between governments and the private sector, saying both sides are partners in driving economic development.
Meanwhile, president of the Kenya National Chamber of Commerce and Industry (KNCCI), Eric Rutto, urged the two countries to introduce competitive commercial incentives to attract investors, particularly in the manufacturing sector.
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