Writes Leo Odera Omolo.
About 400 delegates from are gathering in Dar Es Salaam this week for a two days debate key issues facing the investment sector in Africa.
Dar hoped to use this opportunity to woo more foreign capital by hosting a forum for African investors anticipating more foreign direct investment as economies rebound globally.
The 9th African Investment {AIE}, which opened today and will close on Tuesday 19th April,2011.It is being organized by the Commonwealth Business Council in collaboration with the East African Community.
One of the key issues will be how to attract investments into EAC and to tackle challenges faced. The decisions made at the Dar meeting are likely to shape trade investment in the region.
President Jakaya Kikwete said in his opening address that the meeting will also focus on promoting linkages between African economic clusters to attract new investment.”We will be pleased to welcome investors with a long term interests in Tanzania and the EAC,” said the President in a message to the conference.
Kikwete will tomorrow host fellow Presidents Pierre Nkurunzinbza of Burundi, Mwai Kibaki of Kenya,Paul Kagame of Rwanda, and Yoweri Museveni of Uganda for the 9th African Investment round table whose main focus will be on doing business in East African Community.
Other issues include; accelerating East African investment, business in the EAC, enhancing regional investment and trade in the COMESA-EAC- SADC tripartite, public-private partnership for infrastructure development on energy, transport, communications, housing and construction.
Dr. Mohan Kaul the Director General of the Commonwealth Business Council {CBC} the organizer of the event ,said the forum provides a platform to bring investors and projects together to showcase new opportunities, enhance African trade and investment and to build business partnerships.
Dr Kaul said USD one billion worth of projects was up for discussion at the same forum last year in Ghana where more than 200 business meeting were held with 10 memorandum of understanding signed.
Another official of the CBC said the forum will feature a project portfolio of investment proposals that need funding, equity or business partnership in the region. The Dar meeting is expected to provide potential investors an opportunity to establish strong partnership and explore investment opportunities in key sectors such as ICT, financial services, tourism, infrastructure, agriculture and manufacturing and environment.
“Summaries on potential projects will also be available in advance to interested investors and partners, and project holders will be available for on-to-one meetings,” said the official.
The project will be organized according to their countries of origins and sectors they fall under .Each project will have its business plans and investment requirements and technical knowledge needed.
Apart from investment opportunities, other issues to be discussed include the opportunities for East African business improving access to finance capital markets banking and financial services, agribusiness and food security and natural resources and mining. This year Forum will be held along the Summit of the EAC Head of States involving high level dialogue on investment with EAC heads of state.
The forum, which kicks off on Sunday, comes at a time when Tanzania is looking for strategies to increase its FDI to over USD 700 million.
In 2009, the FDI dropped markedly from USD 679 million the year before as a result of the global cash crunch.
Tanzania’s economy depends mainly on tourism, mining and agriculture. And its communications, energy, manufacturing, financial services and transport and attracting rising investor interest.
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