Oman and Tanzania have set up a mutual investment fund that aims to invest in several sectors, including agriculture, fishing and mining, the Sultanate's Foreign Minister, Badr al-Busaidi, announced on Monday.
Busaidi expected the volume of bilateral trade exchange to increase in the future as both countries have signed several memoranda of understanding in the fields of economy, investment, tourism and energy.
Oman and Tanzania signed on Monday six MoUs, covering the fields of energy, tourism, natural resources, higher education and vocational training, as well as national museums.
The MoUs were signed on the sidelines of President Samia Suluhu Hassan’s current visit to Oman.
A trilateral MoU was also signed between the Oman Chamber of Commerce and Industry (OCCI), the Tanzanian Chamber of Commerce, Industry and Agriculture (TCCIA) and the Zanzibar National Chamber of Commerce (ZNCC).
Private sector MoUs were also signed between the Oman Airports Management Company and Kilimanjaro International Airport, the Oman Society for Petroleum Services (OPAL) and the Association of Tanzania Oil and Gas Service Providers (ATOGS), the Al Bashayer Meat Company and the National Company for Live Animals and between the Oman Food Investment Holding Company (OFIC) and the Tanzanian Horticultural Association.
A deal was also signed between the Oman Investment Authority (OIA) and the Zanzibar Investment Promotion Authority (ZIPA).
It aims to bolster bilateral investments and financial sustainability and develop a strategy to boost the historical and economic ties between the two countries.
Hassan held talks with male and female entrepreneurs from both countries to discuss ways to bolster economic and investment cooperation and increase trade exchange.
This came on the sidelines of the Omani-Tanzania Business Forum, which was organized by the OCCI on Monday.
She underscored the importance of exerting efforts from both sides to increase the volume of trade exchange and investment and urged Omani businessmen and women to invest in the fields of agriculture, minerals, tourism and fisheries.