Visiting Tanzanian Foreign Minister Bernard Membe has urged Kenyan investors to be patient as his country adjusts from a socialist to a capitalist economy.
Kenyan Foreign Ministry said Friday that the Tanzanian Minister met Kenyan investors and pledged that his government would support East African investors, especially Kenyans, doing business in his country.
Membe said Tanzania was keen to create an enabling environment for existing foreign investors.
The Chief Executive Officers (CEOs) from the largest Kenyan investors in Tanzania played host to the visiting Tanzanian Minister.
PANA reports that the investors include Kenyan medical health insurer Resolution Health, supermarket chain Uchumi, news corporation Nation Media Group, Kenya Commercial Bank, Commercial Bank of Africa and auto dealer CMC Motors.
“Be patient with Tanzanians, because we do not have the same experience. We are willing and are indeed learning from Kenya how to run successful business. With our background in socialism, some teething problems would be expected,” said Membe.
The corporate leaders raised, with the visiting Minister, the issue of the difficulties faced by Kenyan investors in Tanzania, especially the long bureaucratic procedures like the complex taxation system, labour laws and other unfriendly business regulations.
They urged him to facilitate trade and investment between the two countries and also tap from Kenya’s experience in different sectors.
Kenyan Foreign Minister Amina Mohamed promised the CEOs that the Kenyan government would continue to engage Tanzania and other countries to enhance trade.