M a r k e t N e w s

Tanzania: Indian Companies Boost Investments in Industries

Posted on : Thursday, 18th August 2016

 India plays a crucial role for Tanzania to realize her industrialisation agenda as Indian companies boost investments in industries, cabinet ministers said on Tuesday.

 
Tanzania envisions becoming a middle income country by the year 2025 and the government wants the industrial sector - which currently contributes roughly eight per cent to the country's gross domestic product (GDP) - to put in 15 per cent to the economy by the year 2020.
 
Speaking during the launch of launch of Kamal - EKC Industries Ltd which will be producing fire extinguishers in Tanzania, the Minister for Foreign Affairs and East African Cooperation, Dr Augustine Mahiga said the government understood that India is one of the key partners if Tanzania is to meet its industrialisation goals.
 
"A few years ago, I was in India as an employee and I said that time that the future of Africa's development lies in India.
 
Today, that fact remains," said Dr Mahiga during the launching event adding he was optimistic that the company would not regret choosing Tanzania to be its base from where its products will be distributed throughout East and Central Africa.
 
The Legal and Constitutional Affairs Minister, Dr Harrison Mwakyembe shared similar sentiments. "It is heartening to note that the launch of this company comes in just a few days after Indian Prime Minister, Narendra Modi visited Tanzania where he held discussions on bilateral agreements between the two countries with President Magufuli... 
 
As ministers, we are here because we understand the importance of this project to the fifth phase administration's industrialisation agenda," said Dr Mwakyembe.
 
Also in attendance was the Indian High Commissioner to Tanzania, Mr Sandeep Arya, the Deputy Permanent Secretary in the Ministry of Industry, Trade and Investment, Mr Joe Malongo as well as the top management team from Kamal - EKC Industries Limited.
 
Kamal - EKC Industries Ltd is a joint venture between one of Tanzania's highly reputed business houses, Kamal Group, and the Dubai-based EKC International FZE.
 
The latter is a subsidiary of Everest Kanto Cylinder Ltd of India. The two firms have decided to venture into the manufacturing of fire extinguishers, fire protection and gas suppression systems after realizing that the products are in high demand within the entire East African Community (EAC) region.

Source : allafrica.com
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