CHINA is seeking to
cement its position as the leading source of investment in Tanzania, with at
least 60 Chinese firms lined up for a fact-finding mission to the country. By
October 2022, the Asian economic giant accounted for 1,098 investment projects worth
$9.6 billion in Tanzania. Some 131,718 jobs have been created through the
projects.
China is followed by the
UK and US in that order.
The expected arrival of
representatives of 60 Chinese companies on March 27 for the China-Tanzania
Investment Forum is another indicator that the country is likely to maintain
its investment position in Tanzania.
Chairman of Group Six
International, Sino-Tan Industrial Park, Janson Huang said in a press
conference on Wednesday that the group’s intention was to keep mobilising
Chinese investors to come to Tanzania.
“This is the reason why
we have invited these 60 companies,” he said.
He also mentioned strong
diplomatic relations between Tanzania and China, with the countries celebrating
60 years of bilateral ties this year.
“We have had a good
relationship and witnessed a conducive investment environment in this country
that is good for our companies. During the forum, agreements for promoting
commercial cooperation will be signed,” he stated.
The Sino-Tan Industrial
Park in Kibaha, Coast Region, a Chinese investment, is expected to create
approximately 600,000 direct and indirect jobs for Tanzanians upon its
completion in 2027.
Experts say the
industrial park, comprising large and small industries, will enhance Tanzania’s
value in trade competition within East Africa and globally.
Tanzania Investment
Centre (TIC) official Diana Mwamanga said the opportunity will further boost
investment and trade for Tanzanians, calling for local companies to grab the
opportunity that could as well offer markets for local products in China.
“TIC is well aware of the
benefits of such business and investment forums for local companies, as through
the forums some companies have already invested here and provided an opening
for Tanzanian products,” she said.
Ms Mwamanga, who oversees
the China desk at TIC, added, “In East Africa, Tanzania is attracting investors
due to its investment environment, peace, stability, and infrastructure
development.”
Some of these companies
were able to learn about the opportunities available in the country following
the recent visit of President Samia Suluhu Hassan to China.
Ms Mwamanga said the 60
companies were well-informed about Tanzania and would fact-check before making
decisions to invest in sectors such as health, textiles, mining, agriculture,
and energy.
She also noted that at
least 120 Tanzanian companies will participate in the forum and that “we are
sure that through this forum more Chinese projects will be registered as well
as more partnerships for trade formed.”
A representative from the
Tanzania Chamber of Commerce, Industry, and Agriculture (TCCIA), Mr Kelvin
Ogodo, said the companies were coming to explore investment opportunities as
well as Tanzanian products they can import to China.
“Likewise, they will look
into products we have as a country, particularly minerals and agricultural
produce needed in their country. This is a huge opportunity that we should all
look after.”
Representing the
Confederation of Tanzania Industries (CTI) and the Tanzania Private Sector
Foundation (TPSF) at the presser, Mr Ogodo urged Tanzanian business communities
to actively participate to seize this economic opportunity.
In April 2021, President
Hassan met with the leaders of the Chinese Chamber of Commerce in Tanzania to
discuss various issues pertaining to trade and investment.
President Hassan visited
China in November 2022, where she held talks with her Chinese counterpart, Mr
Xi Jinping, on a number of issues to foster relations between their two countries.
She became the first
African leader to visit China after the Congress of the Chinese Communist Party
re-elected Mr Xi as its General-Secretary for another five-year term.
While there, the two
leaders witnessed the signing of 15 agreements to improve bilateral trade
relations, transport, and grow the market for agricultural products.