DAR ES SALAAM: FORTY-FIVE Tanzanian traders are now utilising the African Continental Free Trade Area (AfCFTA) one year after the country began participating in this trade activities, the Tanzania Private Sector Foundation (TPSF) has said that.
TPSF Chief Executive Officer Mr Raphael Maganga made this statement in Dar es Salaam during a training workshop for stakeholders about the opportunities available under AfCFTA. The workshop was organised by the East African Business Council (EABC).
“We must seize this opportunity; the time has come for Tanzanian businesses to emerge”.
“We should not fear our competitors, as the government has signed various agreements, making it crucial to access these opportunities,” Mr Maganga said.
The country joined the market in 2021 and trade activities began in 2023 and exports goods such as fertilisers, cereals, coffee, cotton, spices and rice.
He noted the need to promote companies that add value to their products, as the country aims to move beyond merely exporting raw materials and focus on developing competitive finished products.
“Tanzania is among the eight countries out of 55 in Africa that have been selected to start using this market, which is an important opportunity for many companies to emerge in numbers,” he said.
Furthermore, he urged domestic companies to take advantage of the 1.0 billion US dollars fund provided by AfriExim Bank to ensure they engage in trade within this market.
Additionally, EABC Members and Business Development Manager Mr Zefania Shaidi said that the purpose of the workshop is to discuss the entire trade system within this market, as there are already traders exporting goods to countries like Morocco, Algeria and Nigeria.
He mentioned that they brought together traders who have started using this market to share their experiences and the challenges they face in order to find solutions.