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Foreign Agribusiness Investment Soars To $3.4B In Tanzania

Things are looking up for those involved in agribusiness that sprouts out of Tanzania. According to Tanzania Daily News, $3.4 billion has been injected into the country’s commercial agribusiness sector, largely due to improved ease of doing business.

Banks in Tanzania — as well as countries including Liberia, Kenya, Malawi, Ethiopia and Uganda — are more open to the idea of investing in local businesses. Because of this, farmers in Tanzania have better access to equipment and insurance, which will support the commercial agribusiness sector.

“This development requires the agri-sector to adapt to new technology, be open to innovations and modernize their farming techniques,” Liam Beckett, Agribusiness Congress East Africa director said in the Tanzania Daily News (TDN) Report.

A December 2014 Tanzania Agribusiness Report predicts agricultural milestones including a drop in inflation — 6.5 percent to 6 percent between 2014 and 2015, respectively. Sizeable sugar, corn and coffee production growth over the next three years is also on the horizon.

The 2nd annual Agribusiness Congress East Africa conference will take place January 28-29. There agribusiness industry professionals will further discuss infrastructural development, trade and private sector contribution.

“The event will encourage collaboration and drive innovation to develop East African agriculture to enable the region [to] take advantage of the opportunities presented by the growth of this sector,” the organization’s website noted.

“At Agribusiness Congress East Africa we once again look forward to bringing together key public and private stakeholders, from across the East African agricultural sector and facilitating the discussions on the latest developments and challenges in our sector,” Beckett said in a statement, which TDN quoted.

Source: AFK Insider

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