DAR ES SALAAM, Dec 31 (NNN-DAILYNEWS) — THE Tanzanian government is actively implementing a specialised programme aimed at attracting significant Foreign Direct Investments (FDIs) from China.
This strategic initiative follows the recent Forum on China-Africa Cooperation (FOCAC) held in Beijing in September 2024, which President Dr Samia Suluhu Hassan attended.
President Samia’s week-long visit to China was marked by several high-level meetings with influential Chinese technology and infrastructure corporations.
These included engagements with the China Academy of Space Corporation (CASC), China Electronics Corporation, Transsion Group, Weihua Group, China Railway Construction Corporation (CRCC) and Acme Consultant Engineers PTE Limited.
In these discussions, President Samia extended a direct invitation to these corporations, encouraging them to seize investment opportunities in Tanzania’s dynamic economy.
During the high-profile forum, Chinese President Xi Jinping pledged an impressive 50 billion US dollars (approximately 122tri/-) to boost Chinese investments in Africa.
The commitment includes supporting Africa’s modernisation agenda, with a strong focus on infrastructure development, technological advancements and agricultural modernisation over the next three years.
In response to China’s significant commitment to Africa, Tanzania’s Minister for Planning and Investment, Professor Kitila Mkumbo, directed the Tanzania Investment Centre (TIC) to spearhead an initiative targeting at least 3 billion US dollars (about 7.26tri/-) of the total investment pledged by Beijing.
To facilitate this initiative, TIC has established a dedicated investment promotion office in Hunan Province, China.
This office is envisioned as a key hub for fostering partnerships, facilitating investment flows and ensuring seamless coordination between Tanzanian authorities and potential Chinese investors.
During the inauguration ceremony of the investment office, TIC Executive Director, Gilead Teri, expressed optimism about the future of Sino-Tanzanian economic cooperation.
He highlighted that the launch of the facility marks the official beginning of a focused and strategic programme aimed at attracting substantial Chinese FDIs into Tanzania.
“This initiative represents a significant milestone in our investment promotion strategy. By establishing this office, we are creating a direct bridge between Tanzanian opportunities and Chinese investors.
Our goal is to maximise the benefits of FOCAC’s commitments and ensure tangible outcomes for both nations,” Teri said.
He further elaborated on the key sectors identified for Chinese investments, including infrastructure, manufacturing, agriculture, mining and technology.
These sectors are strategically aligned with Tanzania’s national development priorities and are expected to contribute to economic growth, job creation and knowledge transfer.
The FOCAC 2024 summit, which ran from 4th to 6th September in Beijing, brought together over 50 African heads of state and government under the theme: “Joining Hands to Advance Modernisation and Build a High-Level China-Africa Community with a Shared Future.”
The summit underscored the importance of shared growth, innovation and sustainable development as pillars of China-Africa cooperation.
Tanzania’s active participation and the subsequent establishment of an investment promotion office in China demonstrate the country’s commitment to translating diplomatic engagements into actionable economic outcomes.
Looking ahead, the Tanzanian government aims to strengthen ties with Chinese investors, providing an enabling environment through policy frameworks, streamlined regulatory processes and investment incentives.
This initiative is expected to play a pivotal role in achieving Tanzania’s industrialisation and economic transformation goals while solidifying its position as a preferred investment destination in Africa. — NNN-DAILYNEWS
