The Bank of Tanzania Governor, Mr. Emmanuel Tutuba, has welcomed Qatar to invest in the country’s financial sector with the aim of boosting the economies of both nations.

Governor Tutuba made the appeal during a meeting with the Qatari Ambassador to Tanzania, H.E. Fahad Rashid Al Marekhi, at the Bank sub-head office in Dar es Salaam on August 13, 2024.

He explained that Tanzania is an attractive investment destination due to its large market resulting from its strategic geographical location and membership to economic groupings, namely East African Community (EAC) and the Southern African Development Community (SADC), as well as the African Continental Free Trade Area (AfCFTA).

"Tanzania is a great place to invest because, first, it borders countries with numerous investment opportunities; second, Tanzania is a member of the EAC and SADC and is a member of the AfCFTA. Therefore, investing in Tanzania provides access to a market of nearly 1.5 billion people," Governor Tutuba said.

He added that he is aware that Qatar has banks with substantial capital, and encouraged these banks to invest in Tanzania to strengthen the financial sector for the benefit of both countries.

"I understand that Qatar has banks with large capital that could invest in Tanzania; we invite them to do so, and the Bank has created a conducive environment for these banks to thrive here," he noted.

Additionally, Governor Tutuba mentioned that the Tanzania's economy is improving due to various efforts by the Bank, including controlling inflation.

Ambassador Fahad Rashid Al Marekhi promised to continue fostering the existing cooperation between Tanzania and Qatar to promote investment and trade between the two countries. He also commended the Bank for effectively managing the country's economy, which is making it an attractive destination for investors in various sectors.