“Tanzania plays a critical role in our business network…it’s exciting to see a combination of assuring, profitable business environment and the country’s stead economic growth,” Stan Chart’s Africa Head of Origination and Client Coverage Department Stephen Priestley said in Dar es Salaam.
Mr Priestley told reporters that Tanzania’s immense natural resources, geographical location and transport logistics to the landlocked countries— Rwanda, Burundi, Zambia, DRC Congo and Uganda—are of great business interest to the bank.
“Standard Chartered bank has long standing business relation with Tanzania,” the South Africa based Priestley said, promising that the bank would convince its corporate clients from elsewhere in the world to invest in Tanzania, the country of abundances. He said the infrastructure bottlenecks, which many investors see as impediments, are actually business opportunities:
“With sufficient capital, appropriate skills and enabling environment by the government, the infrastructure problems in the country are indeed business opportunities.” The visiting official expressed optimism over the country’s economic prospects, citing ongoing improvement in infrastructure and communication as signs of the good things to come.
Although the origination and client coverage department covers big corporate companies, Mr Priestley said Stan Chart is keen on small and medium enterprises, which, given proper financial services, grow into big corporate firms. The bank also trades in agricultural sector, supporting different levels of Kilimo Kwanza initiative—from growing crops, supplying farm inputs, processing agricultural produce and trading on agrocommodities.
Mr Priestley was on a twoday tour of the bank’s offices and business in Tanzania. He had an opportunity to meet the bank’s corporate customers, staff and government officials from the Ministry of Finance and Economic Affairs.