Financial News

Switzerland, Tanzania strengthen trade ties with the opening of their joint Chamber of Commerce

According to the official figures, the trade volume between the two nations was CHF 49.1 million (or roughly Sh122.5 billion) in 2021. Tanzania exported CHF 10.6 million (or around Sh26.4 billion) to Switzerland out of the total, while imports were reported at CHF 38.5 million (about Sh96 billion).

This shows that trade is in Switzerland’s favor, a tendency that makes it urgent to create a scenario where everyone wins. Exaud Kigahe, Tanzanian deputy minister of investment, trade, and industry, urged the business communities of Tanzania and Switzerland to use the recently established chamber of commerce as a bridge to enable mutually beneficial trade between the two nations.

“With the inauguration of this chamber of commerce, we hope the interests of companies and investors from both countries will be represented well,” said Mr. Kigahe at the unveiling of the STCC here in the city.

This, he continued, will even draw in additional companies and make it simpler for them to access the Tanzanian and Swiss markets, thus fostering economic cooperation. He invited Swiss businesses to invest in manufacturing, tourism, agriculture, fisheries, livestock, mineral processing, medicines, and the blue economy sectors.

Helene Artieda, state secretary for economic affairs for Switzerland, said the Chamber of Commerce may give companies from Tanzania and Switzerland a place to discuss potential new business prospects. The new project, she continued, could be a starting point for new firms and investors interested in Tanzania.

“The establishment of the Swiss-Tanzania Chamber of Commerce is a crucial step towards our shared endeavor of closer economic ties,” said Ms Artieda.

“The launch of the chamber of Commerce is a reflection of the growing significance of Tanzania as a trade partner and destination for Swiss investment,” she added.