(MENAFN) The Sultanate of Oman, represented by the State General Reserve Fund (GSRF), announced it has signed a Memorandum of Understanding (MoU) with the Tanzanian government and the leading Chinese port and free zone operator, China Merchants for the development of the special economic zone and port in the Bagamoyo area of the Republic of Tanzania, Times of Oman reported.
According to the GSRF, the signing of the MoU reflects the strong historical ties and relations between the Sultanate of Oman and both the Republic of Tanzania and the People's Republic of China, as well as representing a strategic commercial vision that serves East Africa in general and links it to Asia through the Indian Ocean.
The signing of the MoU comes after the Sultanate of Oman receiving a number of high-ranking Tanzanian delegations who viewed the free zones and the special economic zone in Duqm, as well as discussed aspects of investment cooperation between the two countries.
"The Ports in East Africa have significant economic importance for many landlocked African countries as well as the countries where they are located, the continuous and rapid economic growth witnessed in these countries increases the importance of such projects," the Executive President of State General Reserve Fund said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.