DAR ES SALAAM: AS Tanzania continues to improve its investment climate, local investors have expressed optimism about the promising future of their manufacturing industries, while thanking President Dr Samia Suluhu Hassan for her efforts to strengthen economic diplomacy.
In an exclusive interview with the ‘Daily News’, the Director of Akberalis Hardware and Electric Limited, Mr Hussein Alibhai, expressed his optimism that their firm will excel further in 2024 due to improved investment regulations, policies, and infrastructure that facilitate the advancement of local investments.
Mr Alibhai also expressed his appreciation for the government’s economic diplomacy policy, which has enhanced regional and international industrial trade expos and bilateral cooperation. Through these initiatives, local manufacturers have been able to explore new technologies and markets.
Akberalis Hardware and Electric Limited is a local manufacturing company that produces aluminum ladders and Polypropylene (PP) Ropes. The raw materials for their products are sourced both domestically and internationally.
In her end-of-the-year speech on December 31, 2023, President Samia announced that the country, through the Tanzania Investment Centre (TIC), registered a total of 504 projects worth 5.6 billion US dollars (about 14 tri/-). This represents a 58 per cent increase from the 292 registered projects in 2022.
Of the 504 projects, 55 were expansion projects, signaling investors’ trust in the country’s economic growth.
“We have been creating a favourable investment environment,” she said.
Mr Alibhai noted that by the end of 2023, their company had secured new technology as a result of the international trade fair held in Dar es Salaam. They acquired sophisticated machines that, when fully utilised, will increase production and allow for further market penetration.
“We secured the latest machine from a foreign manufacturer, which is fuel-efficient with maximum output capacity. We believe that after installation, our production will increase, creating jobs,” Mr Alibhai said.
He also expressed gratitude to the President for her visit to India, during which Tanzania’s business delegations learned about modern technologies for local manufacturing transformation.
Mr Alibhai emphasised that political stability, peace, harmony and the growing economy position Tanzania as the most promising investment hub in East Africa.
According to him, their industry produces 150 tonnes of PP Ropes per month and 100 pieces of aluminum ladder per day. Akberalis Hardware and Electric Limited is a pioneer in aluminum ladder manufacturing in the country.
Mr Alibhai stated that their company, valued at 660,000 US dollars (1.6bn/-), serves the local market and neighbouring countries, especially Kenya, through the production of aluminum ladders and PP Ropes.
The Director and Founder of Akberalis Hardware and Electric Limited, Mr Akberalis Jozer, added that good governance and the rule of law under President Samia have mitigated bureaucracy, enabling investors to run their businesses smoothly.
“There is no threat to investors. Government officials have been supporting us to align with investment regulations and rules,” said Mr Jozer.
He expressed gratitude to various government officials who visited their industry last year, including the Minister for Industry and Trade, Dr Ashatu Kijaji, and the Chairman of the Tanzania Investment Centre’s (TIC) Board of Directors, Dr Binilith Mahenge.
Their visits demonstrated the government’s unwavering commitment to fostering local investment.
Mr Jozer explained the company’s economic impact, stating that their motivation as manufacturers is to create jobs. Currently, their industry employs 47 people, with a goal of adding 150 more in the near future through expansion.
The Company’s Human Resource Manager, Ms Munira Mohamed underlined the company’s commitment to career development for employees. They provide training in production skills after recruitment.
To bridge the gender gap, Ms Mohamed stated that the company employs both men and women, providing them with opportunities to earn a living while gaining skills and technologies from both local and Indian experts.
The company’s Chief Engineer Mr Saji Madhavan, praised the hard-working spirit, eagerness to learn, and kindness of Tanzanians.
Mr Madhavan, who has been in Tanzania for over six years, welcomed other foreign investors and experts to come to Tanzania and lead industrialisation.