Chinese investors to explore opportunities

TANZANIA: A DELEGATION of 100 investors from China is in the country to explore various investment opportunities and projects to partner with their Tanzanian counterparts.

The investors on Thursday held a meeting with their Tanzanian counterparts under the coordination of the Tanzania Investment Centre (TIC), China-Africa Economic and Trade Cooperation Development Forum and China-Tanzania Economic, Trade and Investment Fair.

Speaking at a meeting on behalf of TIC Director, the Director of Investment Services TIC, Mafutah Bunini, said the conducive investment environment has attracted many Chinese businessmen and their number is expected to double soon.

He said that for many years, China has been leading in large investments in the country since TIC started registering projects. He said the conference aims to bring together Chinese and Tanzanian businessmen to exchange ideas and areas where they can make joint venture projects.

“China is the leading country for investment in Tanzania and according to our TIC statistics since we started registering projects in 1997, China has led by registering projects worth 11 billion US dollars,” he said.

He said at the conference he had spoken to the Chairman of the Chinese Chamber of Commerce who assured him that soon another large group of businessmen from the country would come to look for opportunities.

“During this conference, we will explain all the procedures to follow for those who want to invest, those who want to do joint ventures, procedures for removing cargo from the port and how to invest in accordance with the laws, regulations and procedures of the country,” he said.

The Director General of Export Processing Zones Authority (EPZA), Charles Itembe said the delegation of the traders is a clear sign that the government has made great strides to attract new foreign investments.

He said that since EPZA was established, 35 companies have invested in the area projects worth 2 million US dollars in various sectors including the mining sector, value addition to products and processing of various crops.

“The flow of investment has been very large, especially in recent days and it has been contributed by the good investment environment that exists and as of now many Chinese companies show interest to come and invest in Tanzania,” he said.

He said the companies that have invested in the EPZA zone have created 20,000 direct jobs and added that there is a need for the government to continue providing investment incentives to attract more foreign investment into the country.

He said that Tanzanian products have a great market opportunity in the United States through the AGOA market and soon the United Kingdom will also start allowing local products to enter its markets duty-free.

“We also have the market opportunity in the East African region, where if we make good use of the existing opportunity to do business in partnership with these Chinese, we will boost our exports and exports earnings,” he said.

Vice Chairman of the Chinese Chamber of Commerce, Feng Zhenyu, said that Chinese businessmen have been attracted by the good investment environment adding that it is why they have come in large numbers to explore investment opportunities and even joint ventures.

He said that Tanzania and China have had a good diplomatic relationship for a long time, which has helped the businessmen of those countries to be friends and do various businesses.

“We have seen many opportunities here in Tanzania and for example, only in the agricultural and mining sectors there are many opportunities so we have decided to meet with the government institutions and businessmen to see how to invest,” he said.