DAR ES SALAAM, July 31 (NNN-DAILYNEWS) — ABOUT 100 representatives of Chinese business companies and investors are in the country to explore various investment opportunities available in Tanzania.
The main investment areas focused on by the potential investors include the energy sector, specifically in solar energy power equipment, the manufacturing sector, the building and construction sector, food processing industries, and the minerals sector.
This was revealed in Dar es Salaam by the Tanzania Investment Centre (TIC) Executive Director, Gilead Teri, during the China and Tanzania Trade and Investment Forum.
Speaking during the forum Teri said the latest visit by the potential investors was a result of effort by the government to create a favorable environment that has spurred business growth and attracted investment in the country.
“We are on the right track, as stated recently by President Samia Suluhu Hassan during the 15th meeting of the Tanzania National Business Council (TNBC) at the State House in Dar es Salaam,” said Teri, during a forum that brought together 100 Tanzanian business people and Chinese investors.
President Samia had said during the TNBC meeting that between July 2021 and June 2024, a total of 1,350 major investment projects valued at 14.2 billion US dollars were registered, expected to create 324,381 jobs.
“Of these, 866 projects involve foreign investors, highlighting the attractiveness of Tanzania’s investment environment. Additionally, 85 projects represent expansions of previous investments,” said Samia.
Indeed, the government’s efforts can be accentuated by the favorable economic climate that has spurred business growth and the TIC boss is adamant that they will continue to create a conducive environment to attract more investors into the country.
“We have also been able to invite Tanzanian investors to the forum, for them to get to know each other and build relationships so that they can collaborate with their Chinese counterparts, and establish companies and make investments together,” said Teri.
“The potential investors have come to explore opportunities in various sectors, including the energy sector, renewable energy in the area of solar power equipment, manufacturing sector especially in food processing industries, construction and mining sectors,” he said.
He said that in recent years, through the sixth phase government, there has been an increase in the participation of Tanzanians in many investment projects, which is the goal of government to see a larger number of Tanzanians owning the economy.
On his part, Minister, President Office, Planning and Investment Professor Kitila Mkumbo, encouraged more Tanzanians to come forward and take advantage of the opportunities by forging strategic economic partnerships with investors from China. He said this will enable them to access capital and acquire new technological skills for the development of the national economy.
Teri explained that the government has put in place a good system that will help to better connect local investors with foreign investors.
The Tanzania Ambassador to China, Hamisi Omari said the Chinese delegation represents large companies in China, with 13 of them being state-owned.
“There is currently a great response and interest from Chinese investors to come and invest in Tanzania,” said Amb Omari.
For her part, the head of delegation and the Chairperson for the Tanzania and China Cooperation Committee, Betty Xu, said that various investors from China to Tanzania came to see for themselves different investment opportunities Tanzania can offer.
She added that they have initiated the programme, worth 10 billion US dollars that is going to be executed in three consortia.
“A procurement consortium that will purchase Tanzanian products in agriculture, fisheries, and animal husbandry; a supply consortium that will provide all the products needed for the industrialisation of Tanzania, including agricultural machinery;
Furthermore, she added that the financial consortium will make direct investments in various sectors in Tanzania, including tea and coffee factories, to help factories in term of capital and the upgrade of equipment’s and machinery. — NNN-DAILYNEWS
