Rwandan President Paul Kagame on Friday called for the consolidation of economic ties between his country and Tanzania.
On the first leg of his two day tour of Tanzania, President Kagame said the two countries stood to record high economic growth with their abundant natural resources.
“We have people with talents who could do wonders in propelling these countries to prosperity,” said Kagame accompanied by his host, President John Magufuli, at the official opening of the 40th Dar es Salaam International Trade Fair in the commercial capital Dar es Salaam.
More than 650 firms from over 30 countries across the world, including China, are participating in the week-long trade fair showcasing businesses from across the world.
President Kagame urged public and private sectors to work together for the benefit of the people in the two countries endowed with abundant natural resources which could contribute heavily to the growth of their economies.
He added that the two countries have been working closely in removing obstacles in trade with a view to boosting integration between the two countries, and among member states of the East African Community (EAC).
President Magufuli assured President Kagame of his government’s resolve to improve the performance of the Dar es Salaam port to facilitate movement of goods to the landlocked hilly country.
He said it was sad to learn that trade in Tanzania contributed to less than five percent to the world economy while the EAC regional bloc contributed only 20 percent.
According to him, Europe, Asia and South America contributed to 70, 52 and 50 percent to the world economy, respectively.
“Trading among East African countries is still low. Maybe it is because we sell raw materials, we don’t promote our products, we are not versed with competitive business, and we have weak cooperation among ourselves,” said President Magufuli.
Charles Mwijage, Tanzania’s Minister for Industries, Trade and Investments, said the east African nation was well prepared in improving and advertising investment opportunities as well as acquiring technology from other countries.