Tanzania, Turkey targets 1-billion dollar trade boost as industrial cooperation expands

ANKARA: TANZANIA and Turkey have agreed to strengthen industrial and economic cooperation, setting an ambitious target of increasing bilateral trade to one billion US dollars as both countries seek to unlock new investment opportunities. Tanzania and Turkey have agreed to deepen economic ties and expand industrial cooperation following high-level talks aimed at boosting trade and investment. The agreement was reached during an official visit to Turkey by Minister for Industry and Trade Judith Kapinga, who held talks with Turkey’s Minister of Industry and Technology Mehmet Fatih Kacır and Minister of Trade Ömer Bolat. The discussions focused on expanding trade, enhancing industrial developments, and creating a more conducive environment for investment, with current trade volumes between the two countries standing at approximately US$354 mn in 2026. “Tanzania is determined to leverage strategic partnerships to achieve the goals of the National Development Vision 2050, which seeks to transform the country into an upper-middle-income economy through accelerated industrialisation.” Kapinga said during the meeting. ALSO READ: Tanzania: A beacon of religious freedom, peaceful coexistence She highlighted several priority investment areas, including steel manufacturing, pharmaceuticals and medical supplies, food processing industries, and Green Industrial Parks. The minister stressed the need to increase value addition to agricultural and mineral resources, saying greater processing of raw materials would create jobs, boost exports, and strengthen Tanzania’s industrial base. Additionally, the leaders also discussed the development of strategic industries, technology adoption, and investment in environmentally sustainable industries. Both sides agreed to convene a Joint Trade Commission meeting in Tanzania later this year to further explore business and investment opportunities and strengthen economic cooperation. Moreover, Turkey pledged to continue supporting Tanzania’s industrial transformation through technology transfer, skills development, and encouraging greater participation of the private sector in industrial development projects. In a separate engagement, Ms Kapinga also held discussions with Somalia’s Minister of Trade Gamal Hassan on strengthening economic cooperation through increased trade and investment to maximise opportunities available within the East African market. The post Tanzania, Turkey targets 1-billion dollar trade boost as industrial cooperation expands first appeared on Daily News . The post Tanzania, Turkey targets 1-billion dollar trade boost as industrial cooperation expands appeared first on Daily News .