M a r k e t N e w s

Tanzania: President Invites Chinese Investors to Boost Infrastructure, Industrial Development

Posted on : Tuesday, 7th June 2016

President John Magufuli has invited investors from Jiangsu Province in China to partner with Tanzanians in setting up industries and building the infrastructure, particularly the standard gauge railway line. In line with the invitation, Dr Magufuli has assured Chinese investors of maximum cooperation from his government.

According to a statement issued in Dar es Salaam yesterday by the Directorate of Presidential Communications Unit, the president extended the invitation in Dar es Salaam when he met and held talks with the Jiangsu Province Secretary of the Communist Party of China (CPC), Mr Luo Zhijun, who is accompanied by other government officials in a working tour of Tanzania.
Dr Magufuli told Mr Zhijun that his government was committed to ensuring that 40 per cent of Tanzanians obtain employment through manufacturing industries by 2020, thus calling upon investors from Jiangsu to come and establish industries to help in attaining the goal.
Dr Magufuli cited investment on agricultural products such as cotton, coffee, cashewnuts, fish and meat; and livestock keeping, noting that the existence of raw materials presented opportunities to boost industrial production in the country.
He stressed that industrial investments will not only benefit Tanzania and its people who will obtain employment opportunities and revenue collection but also Chinese investors, who will also enjoy an extensive market from within the country and seven others it shares borders with.
The extensive market includes countries from the East African Community (EAC) and Southern African Development Community (SADC) comprising more than 650 million people. "Mr Zhijun, please allow me to invite investors from your province (Jiangsu).
I welcome them with open arms. They can come even tomorrow and state their area of investment. We are going to give them our full support. We have enough areas to establish new factories.
In Coast and Dar es Salaam regions, we have such areas as Bagamoyo whereby up to 1,000 factories can be built plus other areas like Kigamboni," Dr Magufuli told the Chinese leader.
He also invited companies from Jiangsu to partner with Tanzania in infrastructural development, including the Central Railway Line for which the government has set aside one trillion/- for construction to begin in the coming financial year.
Construction will be implemented at the standard gauge mode for the railway line and a six- lane road from Dar es Salaam to Chalinze, among other projects.
On his part, Mr Zhijun applauded President Magufuli for his willingness to receive investors from Jiangsu Province, noting that although an investment amounting to one billion US dollars, which is equivalent to 2.2 trillion/-, has already been placed in the country, there was still room for more investors to come.
"I promise to encourage more investors to come to Tanzania as soon as possible to fulfil the plan of building more factories and create more jobs," pledged Mr Zhijun.
The Chinese Ambassador to Tanzania, Dr Lu Youqing, pointed out that beside the one billion US dollars, equivalent to 6.62bn/- invested by China in 2014/2015, investors from Jiangsu are committed to inject 5 billion US dollars, which is equal to 11 trillion/- in the next five years.
Dar es Salaam Regional Commissioner (RC) Mr Paul Makonda was also present during the talks. The RC had on Friday signed a development agreement between his region and Jiangsu Province.
The province has pledged to invest on different projects such as agriculture, construction and social services in Dar es Salaam Region.

Source : allafrica.com
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