Equity Bank Tanzania Hosts American Delegates On Trade

Delegates from the United States of America (USA) have arrived in Dar es Salaam, Tanzania for a trade mission organized by Equity Bank Tanzania in collaboration with the East African Business Council, Minnesota Africans United, Global Minnesota, and Prosper Africa, a U.S. Government initiative that connects U.S. and African businesses with new buyers, suppliers, and investment opportunities.

The trade mission will see at least 10 foreign delegates representing various institutions in corporate America engage with over 500 local entrepreneurs, MSMEs, and corporates through organized panel discussions, one on one business networking sessions, and site visits to businesses in Dar es Salaam and Zanzibar and thereafter proceed to Kenya for a similar engagement.

Earlier this year, Equity Group launched the Africa Recovery and Resilience Plan, a socio-economic transformation plan that Equity has seeded with a USD 7 billion fund with the aim of impacting 100 million people within the African continent through its financial and social impact initiatives and reaching 5 million MSMEs and 25 million individual customers, to create 50 million jobs.

The robust Plan has seen the Group champion investments by the private sector in the agricultural and extractive sectors, manufacturing and logistics, trade and investment, the MSME sector, social and environmental transformation, and the promotion of a technology-enabled economy in order to support financial empowerment and wealth creation.

This trade mission is among the many initiatives that the Group through its regional banking subsidiaries in 6 countries has put in place to accelerate the implementation of the Africa Recovery and Resilience Plan and to champion the sustainable building back better of the African continent post the COVID-19 pandemic.

Speaking at the official launch of the trade mission, Tanzania Private Sector Foundation (TPSF) Director of Policy Advocacy and Membership Management, Outreach and Capacity Building, Zachy Mbenna said, “We extend a warm and cordial welcome to the visiting delegates from the USA and the local private sector players and look forward to positive engagements that will lead to business realization. Our interactions during this trade mission are critical as this will enhance knowledge exchange enabling us to meet the needs of the immediate market and the global trends in consumer behavior.”

The TPSF Director also urged the attending delegates to explore Tanzania for investment areas and tap into agriculture and logistics with additional investment opportunities in tourism, the MSME sector, and mining.

Also speaking at the official opening ceremony in Dar es Salaam, the American Chamber of Commerce in Tanzania Board Member Burak Buyuksurac said, “As the American Chamber of Commerce in Tanzania, we are excited to be here today and appreciate the efforts by Equity to organize this great trade mission. We believe that this will lead to the creation of more business opportunities between Tanzania, Kenya, and the USA.”

The visiting delegates have come as a group through Minnesota Africans United, Global Minnesota, and Prosper Africa and are keen on working with local businesses to either set up shop in Tanzania or sign export/import agreements for local materials and finished goods.

Equity Bank Tanzania Managing Director Isabela Maganga said, “Investment in trade will not only empower our people but will also build our economy. A growing economy means improved lives and livelihoods. Tanzania has massive potential in agriculture, manufacturing, mining, energy, tourism, transport, and logistics among many other sectors. Equity Bank is partnering with its customers and the people of Tanzania to create value from these vast resources by bringing awareness to the opportunities in Tanzania.”

She also added that over the next 7 days, the international delegates will experience Tanzania by visiting key SMEs and corporates which will play a central role in helping them to understand the opportunities within the market, the policies and regulations that govern the operation, the fiscal policies and financial solutions available at their disposal through Equity Bank.

This trade mission follows the Kenya-DRC Trade Mission that was organized by EquityBCDC in the DRC which saw over 300 Kenyans travel to the DRC to explore investment opportunities in November 2021 and builds on the White House visit of Her Excellency President Samia Suluhu Hassan’s visit to the United States in April of this year. 

Raphael Onyango Equity Group Director of Corporate Banking said, “Equity as a pan-African bank has purposed to champion the build back better of the African continent through implementing the Africa Recovery and Resilience Plan. This trade mission to Tanzania and Kenya will capacitate, coordinate and champion business connections between USA and Tanzania and Kenya.”