GSG Energies commits to invest $500 million in key sectors

TANZANIA: GSG Energies, a United Arab Emirates-based company, is set to make a significant investment of 500 million US dollars (1.35tr) in Tanzania.

The investment will focus on key sectors, including transport, mining, manufacturing and distribution of petroleum products.

This commitment reflects GSG Energies’ confidence in Tanzania’s economic potential and its strategic importance in the region.

The GSG Energies Tanzania Chief Executive Officer, Mr Ismail Elagib, announced yesterday that the company’s Board of Directors will soon be visiting the country.

“We advocate for a strategic partnership with the government leaders to ensure successful implementation of these projects, which will boost employment and contribute to economic growth of this beautiful country,” said Mr Elagib.

The GSG Energies visit follows President Samia Suluhu Hassan’s trip to Dubai last year that highlighted the strengthening ties between Tanzania and the United Arab Emirates.

The CEO emphasised that the upcoming visit aims to solidify the investment plans and engage with local stakeholders.

He expressed optimism about the potential for collaboration in various sectors, which is expected to enhance economic growth in Tanzania.

The GSG Energies is committed to contributing to Tanzania’s development, while fostering sustainable opportunities for the local community.

The projected investment is expected to create over 3,000 jobs within the next five years, providing a much-needed boost to the local economy.

By focusing on diverse industries, GSG Energies aims to stimulate growth and enhance infrastructure, which will benefit not only the company but also the country’s workforce and communities.

This initiative aligns with Tanzania’s broader goals of attracting foreign investment and fostering sustainable development.

With GSG Energies’ expertise and resources, the partnership is poised to contribute to the country’s economic transformation, while providing valuable opportunities for local talent and businesses.

He further said that the collaboration is expected to bring significant economic benefits and enhance Tanzania’s appeal as a destination for future investments.

President Samia’s trip to Dubai last November, during which she participated in the United Nations Climate Change Conference (COP28), has generated heightened interest from international companies to invest in the country.

Her presence at such a significant global event showcased the country’s commitment to sustainable development and climate action.

ALSO READ: OGTL calls for heightened collaboration in clean energy promotion

The engagement in Dubai was used as a platform by President Samia to foster connections with various stakeholders, paving the way for discussions on potential investments across multiple sectors.

This renewed focus on Tanzania has attracted attention from firms looking to capitalise on the country’s economic potential and natural resources.

As a result, more international companies are now exploring opportunities in Tanzania, eager to contribute to the nation’s growth while benefitting from its strategic position in the region.

This momentum could lead to significant advancements in infrastructure, energy and other vital industries.