(MENAFN- Muscat Daily) Oman represented by the State General Reserve Fund the Tanzanian government and the leading Chinese port and free zone operator China Merchants signed a memorandum of understanding on October 26 to develop a special economic zone and port in the Bagamoyo area of the east African nation.
The MoU which was signed in the presence of the President of Tanzania Jakaya Kikwete reflects the strong historical ties and relations Oman enjoys with and both Tanzania and China a press release said on Saturday.
The investment represents a strategic commercial vision that serves east Africa in general and links it to Asia through the Indian Ocean. For China which relies on stable and efficient infrastructure support it represents a strong partnership to provide a platform for supply into and out of east Africa.
During the last few weeks Oman had received a number of high-ranking Tanzanian delegations. During their visits they reviewed the free zones and the special economic zone in Duqm to discuss aspects of investment cooperation between the two countries.
Commenting on this strategic partnership Abdul Salam al Murshidi executive president of SGRF said "The ports in east Africa hold significant economic importance for many landlocked African countries as well as the countries where they are located. The rapid economic growth witnessed in these countries increases the importance of such projects.'
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