Tanzania and Australia seeks to strengthen their trade and investment relations in the mining and energy industries, with Australian companies investing billions of dollars in Tanzania’s mining sector.
Australia is working closely with Tanzania to achieve its ambition for the extractive sector to contribute at least 10 percent of Tanzania’s Gross Domestic Product (GDP) by 2025 from the current 9.7 percent.
The Australian Commercial Commissioner for Africa, Scott Morriss, visited Tanzania to promote commercial ties and increase Australia’s involvement in the mining and energy industries.
Morriss praised the government’s initiatives to foster a favorable business climate and asserted that the Australian government is pleased to support their work in Tanzania, bringing global best practices to the sector.
He expressed his satisfaction at the advancement of significant, crucial mining projects in Tanzania by Australian businesses. In order to extract graphite and rare earth, the government inked contracts for $667 million (or around Sh1.6 trillion) in April with three Australian businesses.
Australian businesses spent between $3 billion and $4 billion (about Sh7.2 trillion and Sh9.6 trillion) in Tanzania, resulting in the creation of thousands of employment and substantial financial benefits for the host nation.
Tanzanian Minerals Minister, Dr. Doto Biteko, stresses the need for more foreign investors, including Australian companies, to invest in the flourishing mining industry.
There are currently about 16 Australian businesses that help Tanzanian mining operations follow international best practices through their knowledge and experience.
