Tanzania Economy and Business

• GDP: US$20.6 billion (estimate 2008).
• Main exports: Gold, cotton, coffee, tea and sisal.
• Main imports: Petroleum, consumer goods, machinery and transport equipment, chemicals and pharmaceuticals.
• Main trade partners: China, India, Netherlands, Japan and Zambia.

Agriculture employs around 80% of the working population and cash crops are one of the country's main export earners. There is an expanding mineral sector: diamonds are mined commercially, as are other gemstones and gold. Coal, phosphates, gypsum, tin and other ores are also extracted. Reserves of uranium, nickel, silver and natural gas have been located. The industrial sector is one of the smallest in Africa, concentrated in agricultural processing and light consumer goods such as sugar processing, brewing and textiles. Tourism is thought to be worth around US$950 million annually to the Tanzanian economy.

On the whole, the economy has improved steadily since the mid 1990s. In 2006, Tanzania signed economic agreements with China for development assistance in the communications, transport and health sectors and saw the African Development Bank write off US$640 million of Tanzania's foreign debt. Most recently, with continued help from donor assistance (which accounts for 40% of the government's budget) and a boost from an increase in gold exports, Tanzania's economy has picked up the pace. GDP was a healthy 7.1% in 2008, with inflation estimated to be around 9.5%. While Tanzania's banks had little exposure to the credit crisis of 2008-2009, the knock-on effects of a global recession on demand for Tanzania's exports and its lucrative tourism industry are likely to put a serious dent in any growth potential.

Normal courtesies should be shown when visiting local businesspeople. Almost all executives speak English.

Office hours: Mon-Fri 0800-1200 and 1400-1630; Sat 0800-1230.

Government office hours: Mon-Fri 0730-1530.

Many of the large hotels in Dar es Salaam and Arusha can accommodate conferences. The Arusha International Conference Centre (AICC) has several rooms that can cater for 20-1,000 people, and this has been the site of some historic events of East Africa's modern history including the Rwandan War Tribunals and Burundi peace negotiations.

Tanzania Chamber of Commerce, Industry and Agriculture
PO Box 9713, Dar es Salaam, Tanzania
Tel: (22) 211 9436.
Website: www.tccia.com

Arusha International Conference Centre (AICC)
PO Box 3081, Arusha, Tanzania
Tel: (27) 250 2953 or 8008.
Website: www.aicc.co.tz