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Home NATIONALFinland, Tanzania explore opportunities in energy, mining sectors
Tue, 16 Sep, 2014 12:10:39 AM
Tanzanian minister Sospeter Muhongo due today
FTimes Report, Sept 16
The Tanzanian minister for energy and minerals, Sospeter Muhongo, is scheduled to visit Finland from September 16 to 19 to explore opportunities for cooperation between the countries in the energy and mining sector, said a foreign ministry press release on Monday.
Tanzania is one of the largest producers of gold in Africa. The Tanzanian mining sector, especially gold production, has grown rapidly in the 2000s. In 2012, gold mines accounted for 40 per cent of Tanzania's export revenue and nine per cent of the country's GDP.
Muhongo will meet the Minister for European Affairs and Foreign Trade, Lenita Toivakka, and the Minister for International Development, Pekka Haavisto.
The ministers will discuss the development of the energy and mining sector, the sustainable use of natural resources and commercial opportunities in both countries.
In addition, Muhongo will meet representatives of businesses and industry and members of research and scientific communities. He will also learn about the operations of the Geological Survey of Finland and will visit a gold mine in Kittilä.
A cooperation document between the geological survey institutions of Tanzania and Finland is expected to be signed during the visit.
Tanzania's natural gas reserves are also among the largest in the world. It is estimated that the natural gas resources discovered off the coast of Tanzania are at least 30 trillion cubic feet.
International gas companies are currently charting whether it is profitable to start gas production for exports. It is estimated that after 2020, the Tanzanian government will receive three billion dollars in gas revenue annually. This will cover 25 per cent of Tanzania's budget.
Natural gas will already be utilised more widely in the country's power generation in 2015, when the gas-fired power plants now under construction are completed. Tanzania is also investing in the expansion of the electricity network. Development in Tanzania will also open opportunities for Finnish companies.
Despite its rich natural resources, Tanzania is still one of the world's least developed countries. Finland supports the efforts of the Tanzanian government to reduce poverty and to meet the objectives of the development vision. This year Finland's support to Tanzania is about 29 million euros.
Finnish development cooperation funds are used, for instance, to reinforce the electricity network in Dar es Salaam.
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