Over 70 Tanzanian exporters and importers have benefited from the capacity building on the secrets of the game that has been facilitated by the First National Bank Tanzania (FNB).
The one day Trade Finance Seminar that was conducted at the Serena Hotel on Wednesday this week was facilitated by internationally acknowledged experts in the areas of economic analysis and corporate banking.
Earlier welcoming attendants to the seminar Mr. Sylvester Selepe, FNB Treasurer said that exporters and importers in Tanzania have been realizing some losses in their businesses not because of lack of control but even more because of lacking the requisite skills.
“It is because of this discrepancy that FNB has decided to ‘sharpen the saw’ through continuous training,” he said.
The first presenter Ms. Nema Rankhelawan an economic analyst with the RMB-Africa said that the export and import business is mainly centred on the knowledge of the overview of what is going on and what should be done in the region, and at the global level.
“The global economy has a large impact in the Tanzanian trade due to cross border trades, the external part of the business, the current trade imbalances, and how they are reflected in the economy of an individual country,” she commented.
She added that it was at this juncture that the FNB decided to conduct such training in order to avoid Tanzanian traders to be subdued in the global economy, but rather to be more competitive and get into the momentum.
On his part, Mr. Chris Coker, Corporate Banking Trainer said that exporters and importers must be well acquainted with the risk mitigation in their endeavors.
For instance, they must first understand the international trade regime, its worthiness, and relevancy but also the associated risks because trading entails so many things like the quality of produces, the language, and even cultural differences which can determine the consumption rates.
“Therefore the export and import business needs to be understood within many entangled issues, like negotiation capacity, proforma invoice, restrictions, laws of the country, documentation process, letters of credit and the supporting banking regimes,” he explained.
Moreover he warned that documentations are very important from the outset of any business transaction whether it is bill of lading, commercial invoice or certificate of origin.
Traders were advised to Google search thoroughly on the available information of their prospective business partners.
FNB Tanzania
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