Kenyan investors seek to increase projects in Tanzania by 100%
Kenyan investors are hoping to take advantage of Tanzania’s current business policies by increasing their investment projects in the country by 100 percent in the coming years.
Over 500 Kenyan companies are operating in various sectors in Tanzania, with their operations employing between 70,000 and 100,000 people, the Citizen reports.
However, the primary goal of these Kenyan investors is to increase the current number of companies to 1,000 to take advantage of the country’s growth potential.
A Kenyan investor, Peter Kariuki, told the Citizen, “Tanzania still remains our potential investment destination. We want to encourage more Kenyans to come and invest and help take our companies in Tanzania to at least 1,000.”
The two countries boast of strong economic ties, with Kenya ranking among the top countries that provide foreign direct investment to Tanzania. Kenyan High Commissioner to Tanzania, Isaac Njenga, highlighted that there are approximately $2 billion worth of investments being made by Kenyan companies in Tanzania.
“Kenya is ranked among the top five sources of foreign direct investment in Tanzania, with companies investing approximately $2 billion currently,” Ambassador Njenga said.
Adding that "Tanzania ranks in the top 10 global destinations for Kenyan exports, likewise, Kenya ranks in the top 10 destinations for Tanzanian exports globally. We are each other’s significant trading partners in the region. It’s huge. Recently, when South Africa faltered, we surpassed them. You play a critical role in national building and we can go even beyond this.”
Kenya and Tanzania have shared bilateral relations since 1963.
