afrol News - Tanzania’s president to participate in US-Africa Business Summit

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Africa | Tanzania | World
Politics | Economy - Development | Society

Tanzania’s president to participate in US-Africa Business Summit

afrol News, 18 September - The Corporate Council on Africa (CCA) has announced that President Jakaya Mrisho Kikwete of Tanzania will attend the 7th Biennial US-Africa Business Summit: Realizing the Investment Power of Africa, to be held at the Walter E. Washington Convention Center in Washington, D.C., 29 September - 1 October, 2009.

“President Kikwete’s leadership has been crucial to Tanzania’s success,” said Stephen Hayes, president and CEO of CCA. “With a continued eye toward the development of the nation, Tanzania will be in a position to grow rapidly as the world economy emerges from the current downturn.”

According to a December 2008 report by the Economist, Tanzania, in 2009, will have the world’s 9th fastest growing economy, just behind China and ahead of India.

President Kikwete will be joined by Tanzania’s Minister for Agriculture Food Security and Cooperatives Stepen Masato Wasira, who will participate in the Heads of State and African Leaders Roundtable on Agribusiness Development. President Kikwete will also be joined by Minister of Trade Mary Nagu, who will partake in the trade plenary Navigating Bilateral, Regional, and Global Trade Agreements in Turbulent Times.

The Tanzanian economy has seen average real GDP growth of six percent over the past seven years as the government continues to privatise key industries.

The Tanzanian government has also taken steps to promote foreign investment and create a welcoming environment for capital including an overhaul of the tax code, licensing foreign banks, and establishing an investment promotion center.

Tanzania is the third-largest producer of gold in Africa and has vast amounts of natural resources including diamonds, coal, iron ore, uranium, nickel, chrome, tin, platinum, coltan, niobium and other minerals. Commercial production of natural gas commenced in 2004.

Sector ministers will also be represented from South Africa; Rwanda; Nigeria; Kenya; Senegal; Ghana; Uganda; Malawi; Mozambique; Namibia; Sudan; and Liberia.

“For companies interested in operating in Africa, interacting with these ministers and government officials is necessary for understanding how to conduct business in their respective countries,” said Mr Hayes.

By staff writer