The Minister of State in the President's Office for Planning and Investment, Professor Kitila Mkumbo, announced the arrival of 100 Chinese companies in Tanzania to explore investment opportunities in various sectors, including manufacturing, agriculture, tourism, mining, and forestry.
“I have already discussed with the 100 investors who have arrived from China about the available opportunities in sectors such as manufacturing, agriculture, tourism, mining, and forestry, encouraging them to invest,” Professor Mkumbo said.
Speaking to the press today,July 30, 2024at the Investors and Business Forum organized by the Tanzania Investment Centre (TIC) in collaboration with the Tanzania Trade Development Authority (Tantrade), the Private Sector Foundation (TPSF), and the Tanzanian Embassy in China, Professor Kitila mentioned that the forum is part of the celebrations marking 60 years of diplomatic relations between Tanzania and China.
Addressing misconceptions about Chinese products, he stated, "Many products come from China, and as a country, we have our standards for products manufactured and imported by Chinese companies to ensure their quality."
He urged Tanzanians to collaborate with these foreign investors to gain capital and technology: “We have established a proper arrangement where a Tanzanian with land can partner with a foreign investor who has capital,” explained Professor Kitila.
Gilead Teri, the Executive Director of TIC, emphasized that the arrival of these investment companies is an opportunity for Tanzania. "By collaborating with Tanzanians, they will produce needed products locally, including processed agricultural products and construction materials," he said.
He encouraged Tanzanians to seize this opportunity by partnering with the investors, which will result in exportable products, the establishment of companies, tax revenue, and job creation.
“TIC has collaborated with the Tanzania Trade Development Authority (TANTRADE), the Private Sector Foundation (TPSF), and the Tanzanian Embassy in China to invite 100 local businesspeople to cooperate with Chinese businesspeople for joint ventures,” Teri stated.
“These investors have come to various sectors, including energy, where they are looking at producing solar equipment and products; manufacturing, with a focus on construction materials and food processing industries such as coffee and sisal processing; and the construction and mining sectors,” he added.
He also invited Tanzanians to collaborate in establishing companies and investing together for the overall benefit of the nation.
Teri acknowledged China's significant investment capital and noted that collaboration with Tanzanians would positively impact the country's economy. Speaking on the increase in investment projects during the sixth phase government, he highlighted that Tanzanian participation in development projects has been on the rise.
“Last year, TIC registered 707 projects, a 91% increase from 362 projects registered in the 2022/2023 financial year. Approximately 38% of these projects are owned by Tanzanians, and 20% are joint ventures between Tanzanians and foreigners. All these projects involve Tanzanians, aligning with President Dr. Samia’s vision in the 2022 investment law to increase Tanzanian ownership of the economy,” Teri explained.
The Tanzanian Ambassador to China, Khamis Mussa Omar, noted that the Chinese investors have come to assess potential investment areas, particularly in food processing industries, where Tanzania has been focusing on commercial crops, while the Chinese emphasize industrial crops. They also explored investment opportunities in mining and processing industries.
Kinanasi Seif, Head of Investment Services from the Private Sector Foundation (TPSF), stated that they have connected local and foreign businesspeople to invest together and learn from the technologies used in industries, especially in manufacturing, agriculture, and construction.
0 Comments:
Post a Comment