A Chinese investor, Jack Feng, is set to invest more than 311 million US dollars (about 728bn/-) in the ultra-modern float glass manufacturing factory in Mkiu Village Mkuranga District, Coast Region.
The Tanzania Investment Center (TIC) Acting Executive Director, John Mnali, disclosed this to the ‘Daily News’ on Sunday.
Mnali said the project will usher in the first float glass manufacturing factory in East and Central Africa.
He said the project is already at the initial implementation stage and would be beneficial to the country and society in general.
He said the project is estimated to cost 311 million US dollars (about 728bn/-), which will enhance Foreign Direct Investment (FDI) inflows in the economy.
Mr Mnali further explained that the project is expected to stimulate other sectors since more than 80 per cent of the raw materials will come from Tanzania.
“The country will earn more forex since 70 to 80 per cent of the products manufactured at the factory will be exported to the markets outside countries around,” said Mr Mnali.
According to him, the project once completed, will also increase foreign exchange earnings as it will reduce Tanzania’s import bill on glass products and increase exports to other countries.
He sees the project as one of the significant contributing factors to the GDP growth through increased industrialisation and economic activities, glass technology transfer and acquisition of new skills by local people.
Mr Mnali said that the project will also stimulate the mining industry and the service sector and 80 per cent of the raw materials equivalent to more than 300,000 tonnes of raw materials per year will be sourced locally including sand, feldspar, dolomite and limestone.
On his side, among other things, Mr Feng said that the project when completed will be able to produce 700 tonnes of glass per day at the first production line and 500 tonnes per day at the second line.
It is expecting to create over 1, 655 direct jobs when the operation begins well as 6,000 indirect jobs.
