The new EU-Africa strategy, which is expected to be adopted at the 6th AU-EU summit in 2021, aims to strengthen partnership-based cooperation in selected key areas.In order to highlight opportunities for the desired significant increase in ecologically, socially and financially sustainable and climate-resilient investments, AWE presents assessments by African business representatives on investment potential in selected industries in a blog series.It starts with Devota Mdachi General Manager of the Tanzania Tourist Board (TTB).
Tourism in Tanzania -the most important economic driver
With the highest mountain in Africa -Kilimanjaro, the idyllic island of Zanzibar and many other natural sights, Tanzania has various attractive destinations to offer for international tourists.
With annual income in the billions and a share of 17.2% of GDP, tourism is Tanzania's most important economic driving force.This is also due to the fact that the Tanzanian tourism sector has seen significant growth in recent years.Other sectors such as handicrafts, construction companies and retail were able to benefit from this upswing.
As an employment-intensive sector, tourism therefore offers promising opportunities for the economic and cultural development of the East African country.In this context, the Tanzania Tourist Board (TTB) is promoting the expansion of tourism with the participation of foreign investors.
Devota Mdachi, General Manager of the TTB, spoke to Dr.Alawi Swabury (on behalf of AWE) on opportunities and prospects for German and European companies.
Mount Kilimanjaro in Tanzania is a popular destination for international tourists.
Promising investment opportunities
Despite the current difficult market situation, Tanzanian tourism offers attractive investment opportunities in the long term -also for German and European companies.
According to Devota Mdachi, the organization of travel offers is a popular market in the service sector.Whether as a completely foreign-financed project or in cooperation with local partners, there are various entry-level models for foreign partners.
In addition, the emerging accommodation sector offers attractive investment opportunities:
Sustainability for the future
Learn more here.