Home > Exchanges between China & South Africa and Africa
Tanzania: Dar Keen to Sustain Investment Ties With China
2017/08/08

TANZANIA is keen to boost trade and investment relations with China as the nation seeks to transform from agricultural to semi-industrial economy, the Permanent Secretary in the Ministry of Industry, Trade and Investment Dr Adelhelm Meru has pledged.

He told journalists in Dar es Salaam over the weekend Dr Meru said China has been one of the countries in the frontline to support Tanzania in implementing its development strategy focused on promoting industries through investments in industries which have been creating trade and jobs opportunities.

"Investment statistics show that the Tanzania Investment Centre (TIC) registered 35 Chinese investment projects worth 2,110 million US dollars from January to May this year, expected to generate 1,733 jobs," he said.

"Since 1990 to May this year, a total of 670 projects were registered at the TIC worth 5,779 million US dollars that created 83,394 jobs. Some of the sectors involved are industry, construction, agriculture, works, natural resources, services, IT and communication," he said.

Dr Meru explanations aimed to show how the relationship between Tanzania and China has immense benefits and more over after the government announced the five year development plan (2016-20/21) which gives priority to the industrial sector. He said one of the reasons behind the five year development plan was to save and extend the life span of raw materials through value addition.

Similarly, various reports have shown that Tanzania has been leading others in East Africa in attracting foreign direct investments this year.

For example, the World Investment Report 2017 released by the United Nations Conference on Trade and Development (UNCTAD) shows that Tanzania attracted investments worth 1,364 million US dollars in the year 2016, followed by Kenya 394 million US dollars and Uganda 541million US dollars.

The Quantum Global reports carrying investment research in 54 African countries placed Tanzania in the eighth in the same period from 19 in the year 2015, becoming the only country in the region found in the 10 top list.

He added, Tanzania and China signed agreement to implement the Forum on China-Africa Cooperation (FOCAC) Johannesburg Action Plan 2016-2018 aimed to promote business, investment and economic relation.

"The sectors that are major focus in the Chinese investment are industry, energy, infrastructure, finance, agriculture, education and IT," he emphasized. Some of the mega Chinese projects executed in Tanzania include Goodwill Ceramics for making tiles, steel mill at Mlandizi and cement factory in Tanga.

Chinese investments to Tanzania have soared in recent years, reaching 2.5 billion US dollars (about 5.6tri/) as of May 2017, ten times the 2011's 282 million dollars (over 620bn/-).

China's total direct investment in Tanzania soared from 700 million US dollars in 2011 to 2.1 billion US dollars 2013 last year.

Suggest To A Friend:   
Print