Saudi Arabia and Tanzania signed a deal to form a joint business council, boosting economic cooperation. The Federation of Saudi Chambers of Commerce and the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) have formalized an agreement to create a joint Saudi-Tanzanian business council, marking a pivotal advancement in bolstering economic collaboration between the two nations.
The signing ceremony took place in Dar es Salaam, occurring alongside the Saudi-Tanzanian Roundtable meeting, which saw participation from ministers, officials, and business leaders representing both countries.
Partnership opportunities in key sectors
During the meeting, the discussions focused on identifying partnership opportunities in crucial sectors such as ports, agriculture, and transportation. Additionally, the event featured the signing of trade agreements between Saudi and Tanzanian companies spanning various economic sectors.
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Boosting connections between business communities
The newly established joint business council will serve as a platform for Saudi and Tanzanian businesspeople to exhibit and promote their activities, cultivate effective investment partnerships, and open new pathways for economic cooperation. It is designed to facilitate ongoing interactions between the business sectors of both nations, allowing for the exchange of information regarding opportunities and markets, as well as organizing conferences and trade delegation visits.
Bilateral trade growth
Moreover, the trade volume between Saudi Arabia and Tanzania experienced a remarkable increase, reaching SAR5.5 billion in 2023, which comprises SAR5.4 billion in Saudi exports and SAR118 million in Tanzanian imports.
