Tanzania is on a special courting mission at the Expo 2020 Dubai

DUBAI: The UAE has invested heavily in Tanzania’s mining industry and there is huge potential for further growth sector, according to a full delegation of mining officials from the East African country, who met with investors at Expo 2020 Dubai.

Dr. Venance B Mwasse, Managing Director of Tanzania’s State Mining Corp. (STAMICO), said a series of business-to-business meetings were being organised to discuss investment opportunities in Tanzania’s mining industry in preparation for an investment conference happening at Expo next month.

“We have come here as a complete team with all the information related to mineral occurrence in Tanzania. We will showcase what we have – from the geological point of view, from the investment point of view, and about policies related to the mining sector in Tanzania,” Mwasse said.

“Our fiscal regime is very, very friendly and conducive to [making] sure that the investors, once they [have] put in capital, are able to get the principal [investment] returned, and this is [guaranteed] by political stability, as well a good investment environment and friendly services.”

Tanzania is the fourth-largest gold producer in Africa, after South Africa, Ghana, and Mali. It also mines a wide range of other precious metals and stones, including one that is unique to the country: Tanzanite, a gemstone rarer than diamonds and more valuable.

Tanzania’s mining industry is getting bigger, recording an estimated 15.3 per cent growth in the first quarter of 2020, compared to 10 per cent during the same quarter in 2019. It accounts for 7.7 per cent of the country’s GDP and is its leading export.

“It’s huge. But still, there is potential for growth because only 10 per cent [of minerals] has been exploited [and] mined. The rest is still there. That’s why we are here looking for investors to come and invest in Tanzania in a win-win manner,” Mwasse said.

Tanzania already has a good trade relationship with the UAE, Mwasse explained: “We also have joint ventures and one of our strong partners, a key partner, comes from the UAE, with which we have set up a state-of-the-art gold refinery in Tanzania. Acme Consultant Engineers are the ones we’ve partnered with,” he said.

Further talks and business meetings are expected during Tanzania’s investment conference at Expo 2020 next month when the country hopes to forge more trade bonds with the UAE and other countries.

Source: Expo 2020 Website