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Oman, Tanzania eye strong economic ties
 
Oman, Tanzania eye strong economic ties





Oman, Tanzania eye strong economic ties

Jun 11, 2022

(See translation in Arabic section)

MUSCAT: The Sultanate of Oman and the United Republic of Tanzania have established a distinctive relationship through various events witnessed by the Indian Ocean since thousands of years of cultural history and joint trade exchange.

The meeting between His Majesty Sultan Haitham bin Tarik and President Samia Suluho Hassan of the United Republic of Tanzania at Al Alam Palace in Muscat on Sunday is expected to play a crucial role in bolstering relations between the Sultanate of Oman and Tanzania particularly in the area of economy.

Statistics on trade exchange between the Sultanate of Oman and the United Republic of Tanzania indicate that the trade balance in 2021 stood at RO 30.6 million and was in favour of the Sultanate of Oman.

According to the National Centre for Statistics and Information (NCSI), the volume of Omani

exports to Tanzania in 2021 reached almost

RO 40.1 million with the most important commodities

exported to Tanzania being plastic industries, oil

derivatives, electrical devices and home appliances and foodstuffs. The volume of Omani imports from Tanzania amounted to RO 9.5 million including foodstuffs, meat and various commodities.

The establishment of the Oman-Tanzania Businessmen Council in 2021 has contributed to strengthening economic relations between the two friendly countries. In March 2013, the two countries signed an agreement for mutual protection and encouragement of investments underpinned by an agreement signed in February 1992 for the avoidance of double taxation on air transport revenues.

Oman Investment Authority (OIA) is playing a tangible role in investing in East Africa in general following the opening of the OIA office in Tanzania in 2015 thus opening new prospects for investments in Tanzania including investing in Mangapwani Port in Zanzibar the procedural phase of which has been finalised. Besides, a memorandum of understanding for the development and rehabilitation of Malindi Port and adjoining areas, was signed.

Last May, the Sultanate of Oman and Tanzania signed a memorandum of understanding in the field of fisheries and marine exploration beside investing in a fish farm in Zanzibar which has a production capacity of 1,000 tonnes per year in the first phase, and 3,000 tonnes per year and 6,000 tonnes per year in the second and the third phase, respectively.

This June, a memorandum of understanding was signed between Asyad Group and Tanzania Posts in the field of e-commerce services and logistics solutions. It is hoped that the MoU will increase the volume of e-commerce activities between the two countries, online shopping from African markets and receiving purchases directly in the Sultanate of Oman.

Omran Group, a subsidiary of OIA, is holding talks that aim to benefit from the Tanzanian experience in the field of tourism and management of historic landmarks.

During a visit to the Sultanate of Oman last February, Tanzanian businesspersons were introduced to the investment opportunities available in the fields of industry, agriculture, fisheries, mining, logistics, tourism, health, education, renewable energy, information technology, infrastructure, ports and free zones delegation to the Sultanate of Oman. They were briefed about investment-related legislation to and investment incentives provided by the government including a tax exemption of up to 5 years, extendable to 10 years and tax exemptions on equipment for establishing and expanding industrial projects and on production inputs.

The Sultanate of Oman and the United Republic of Tanzania have maintained good relations at the political level by holding annual talk sessions, the last of which was held last March in Tanzania. During the talks session the two countries reiterated their support for dialogue and peaceful means for resolving issues and conflicts in order to stabilise and sustain international peace and security. They emphasised the importance of exchanging views on a number of regional and international issues of common concern.

The Sultanate of Oman’s initiative to renovate Beit al Ajaib (House of Wonders) affirms the depth of the relationship between the two friendly countries. The Sultanate of Oman is striving to document various historical events in visual, audio and documentary programmes, in addition to scientific studies and literary writings such as a historical series titled Carnation, which features the Omani Empire period in Zanzibar during the era of Sayyid Said bin Sultan al Busaidy.


 














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