SINGAPORE-BASED port operator PSA International is exploring opportunities to develop, manage and operate port projects in Tanzania.
That was the gist of one of four memoranda of understanding (MOU) signed at the Tanzania-Singapore Business Forum, held at the Raffles City Convention Centre, on Wednesday.
The MOU, signed by PSA International's group chief executive Tan Chong Meng and acting director general of Tanzania Ports Authority Madini Kipande, outlined a framework for cooperation between the two.
Mr Tan said: "Countries in Africa have been exhibiting steady growth in recent years, which increases the demand for port capacity and operating efficiency. We are exploring for PSA to participate in port projects in these countries, among which Tanzania stands out as a good opportunity."
The forum was attended by the African nation's President Jakaya Kikwete, a 70-strong delegation of government and business representatives, and 200 other participants. The forum touched on economic developments, investment laws and incentives available for Singapore firms.
The Singapore Business Federation (SBF) said Tanzania, a nation of about 50 million people, has an annual average GDP growth of 7.2 per cent. Singapore-Tanzania trade stood at $126.5 million last year.
"We have engaged over 40 African countries and brought business to 32 markets there over the past few years, and are committed to further forging market access and facilitating business in the region," said SBF chief executive Ho Meng Kit.
The SBF inked a separate MOU with the Tanzania Private Sector Foundation on Wednesday. It aims to enhance trade and investment between both nations' business communities.
Singapore's Intrasia Capital and Tanzania's National Development Corp signed a partnership agreement to expand Intrasia's involvement in developing energy in Tanzania.
A joint venture involving Singapore firm Pacific International Lines, Singapore-based Altus Logistics and Tanzanian conglomerate Mac Group was also formed through the last MOU, to set up an offshore oil and gas supply base in Tanzania.
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