Kenyan investors are setting their sights on Tanzania’s promising business landscape, aiming to double the number of projects in the country in the coming years. Their strategy revolves around leveraging Tanzania’s pro-business policies and growth potential.

At the Kenyan Diaspora in Tanzania (Kedit) forum held in Dar es Salaam on March 9, 2024, investors convened to chart out plans for expanding investments, with a strong emphasis on encouraging fellow Kenyans to tap into Tanzania’s thriving market.

Peter Kariuki, a prominent Kenyan investor in Tanzania, underscored the country’s conducive business environment as a key driver for expanding operations and nurturing growth. He expressed the ambition to elevate the presence of Kenyan companies in Tanzania to at least 1,000.

Currently, Tanzania hosts over 500 Kenyan companies across various sectors, collectively employing between 70,000 to 100,000 individuals. Isaac Njenga, the Kenyan High Commissioner to Tanzania, shared insights indicating Kenya’s significant role as one of the top five sources of foreign direct investment in Tanzania, amounting to approximately $2 billion.

Acknowledging the symbiotic relationship between the two nations, Ambassador Njenga emphasized Tanzania’s status as one of Kenya’s strongest partners in the region. He highlighted the reciprocal nature of their trade relations, with Tanzania and Kenya ranking among each other’s top 10 global trading partners.

The High Commissioner praised the vital role of the diaspora in national development, particularly noting their substantial contributions to the economy through remittances and the enrichment of human capital.

Beyond economic ties, the forum showcased increasing interest from Kenyan investors in sectors such as real estate, education, and transportation in Tanzania. Jane Atieno, a notable figure in real estate investment, expressed optimism about the potential for enhanced business cooperation between the two countries, citing ongoing initiatives to facilitate investment entry into Tanzania.

In summary, Kenyan investors are poised to capitalize on Tanzania’s burgeoning opportunities, with a concerted effort to strengthen bilateral ties and foster mutually beneficial partnerships for sustainable growth and development.