The two sides expressed their satisfaction with the role played by the Oman Investment Authority (OIA) through existing projects in Tanzania and the part of the Ministry of Heritage and Tourism through the restoration of historical and archaeological sites in Zanzibar and the advanced stages that these works have reached.

Sayyid Badr forecasts trade exchange between the two countries will increase, especially after Oman and Tanzania signed several memoranda of understanding today, in addition to existing agreements between Oman Investment Authority (OIA) and the concerned Tanzanian authority.

He added that the two countries would later sign MoUs in various economic, investment, energy and tourism fields with a work programme set for those agreements (Oman News Agency).

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These foreign exchange controls and restrictions will pose challenges for international businesses and foreign investors in Tanzania.

When introducing approvals and making them necessary for just about every kind of transaction, foreign exchange restrictions add a level of complexity to investors’ business model and implementation strategy.

The Tanzania Foreign Exchange Regulations require authorisations and justifications for several areas including exporting, importing or simply where a non-resident is directly investing in Tanzania.

While there could be a problem with income being paid outside of Tanzania for activities that are taking place in Tanzania, putting foreign exchange controls rarely constitutes the answer to encourage investors to keep their funds in the country.

Last year, the Board of Directors of the African Development Fund (AfDB) approved another loan of around $116 million to Tanzania for the upgrade of a 160-km road corridor in the southern part of the country.

This enormous funding by the Bank actually served to cover 98.71% of the project cost; while the remaining 1.29% was met by the government of Tanzania. It is expected that the AfDB will continue funding Tanzania’s road works and other transport infrastructure especially given the country’s strategic geographical location.

Tanzania is the gateway into Africa’s interior and it is also the way out to the rest of the world via the Indian Ocean.

In Tanzania, it is the Tanzania National Roads Agency (TANROADS) is responsible for the improvement of road maintenance and development. The Agency is responsible for the management of 35,000 Km of roads made up of 12,786 Km of trunk roads and 22,214 Km of regional roads.

Tanzania’s coal mining landscape is featured with attractive investments. In September 2011, a Chinese company, Sichuan Hongda Co. ltd, signed a $3 billion deal with Tanzania to mine coal through the Mchuchuma Coal mine and iron ore, yet another big win for the sector (Global Energy Monitor – GEM).

The current agreement comes to supplement the existing efforts the government of Tanzania and other private actors made to enhance coal mining.

In January 2021, it was reported that Tanzania China International Mineral Resource Ltd. (TCIMRL) requested tax incentives on import duty on goods to be imported for the construction work, incentives on spare parts and machinery, and relief on fuel.

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