Angela Normino
A delegation of 100 investors from China is currently in Tanzania to explore a range of investment opportunities and potential partnerships with local Tanzanian counterparts.
During a meeting held on Thursday, these investors engaged with Tanzanian counterparts under the coordination of the Tanzania Investment Centre (TIC), the China-Africa Economic and Trade Cooperation Development Forum, and the China-Tanzania Economic, Trade, and Investment Fair.
Speaking on behalf of the TIC Director, Mafutah Bunini, the Director of Investment Services at TIC highlighted the favorable investment environment that has attracted numerous Chinese entrepreneurs, with expectations of their numbers doubling in the near future.
Over the years, China has been a prominent investor in Tanzania, leading in significant investments since the registration of projects by TIC. The conference aims to facilitate dialogue between Chinese and Tanzanian business figures to explore potential joint venture projects.
According to TIC statistics dating back to 1997, China has spearheaded investments in Tanzania, registering projects valued at $11 billion. The Chairman of the Chinese Chamber of Commerce has indicated plans for another substantial group of Chinese businessmen to seek opportunities in the country.
The Director General of the Export Processing Zones Authority (EPZA), Charles Itembe, viewed the delegation as a positive indication of the government’s efforts to attract new foreign investments. Since EPZA’s establishment, 35 companies have invested $2 million in various sectors, including mining, product value addition, and crop processing.
The conducive investment climate has led to a significant influx of investments, with many Chinese companies expressing interest in investing in Tanzania. Investments in the EPZA zone have generated 20,000 direct jobs, emphasizing the importance of continued government support to attract more foreign investments.
Tanzanian products hold promising market opportunities in the United States through the AGOA market, with upcoming duty-free access to the United Kingdom. Leveraging partnerships with Chinese investors could further boost exports and earnings within the East African region.
Feng Zhenyu, Vice Chairman of the Chinese Chamber of Commerce, highlighted the favorable investment environment that has drawn Chinese entrepreneurs in large numbers to explore investment prospects and potential joint ventures. The longstanding diplomatic relationship between Tanzania and China has fostered a conducive environment for business collaborations and opportunities across various sectors like agriculture and mining.
