Tanzanian minister seeks Saudi investments in energy and tourism

(MENAFN- Arab News) Business cooperation among private sector firms vital fields such as gas and tourism was the focus of a recent meeting attended by visiting Tanzanian Natural Resources and Tourism Minister Lazaro Nyalandu at the Council of Saudi Chambers (CSC) in Riyadh.CSC Chairman Abdulrahman Al-Zamil briefed the Tanzanian delegation on the distinctive experience of Saudi Arabia's economic and industrial cities in Jubail and Yanbu. They tackled various trade and investment relations between the two countries.Al-Zamil expressed his willingness to cooperate in promote Saudi investments in Tanzania adding that the Saudi private sector is actively engaged in investment schemes in various countries.CSC Secretary General Khaled Al-Otaibi and the chairman of the National Committee for Tourism were also present. On his part the minister presented his country's important economic elements such as oil and gas sectors. According to him Exxon Mobil Statoil Gazprom and China National Offshore Oil Corporation or CNOOC Group are involved in the sector following oil discoveries on the east coast of Tanzania. He said that Tanzania is considered one of the best countries for eco-tourism and hotels and tourist facilities offer promising investment opportunities in the country.'Agriculture and health sectors industries infrastructure energy and construction are also promising sectors for investments' he said. The minister invited Saudi businessmen through the CSC to visit his country to explore those opportunities. Tanzania is now building economic cities in cooperation with China he said.According to Nyalandu his country is a popular investment destination with lower taxes. Tanzanian's economy grows by 7 percent and occupies the 10th position in African countries on the list of the fastest growing economies in the world. It also provides a commercial market strength of 50 million people with its distinct geographical location within easy reach of the African markets.It was agreed between the two sides that mutual visits would help identify investment opportunities in Tanzania and provide detailed information on energy and other sectors.