CHINESE companies have every reason to come and invest in Tanzania as they will be able to enjoy a favourable business environment in every sector of their interest.
Speaking at an investment promotion conference for African countries in Changsha City, Hunan Province, in China yesterday, Minister for Foreign Affairs and East African Cooperation, Prof Palamagamba Kabudi, assured Chinese investors that they were welcome in the country.
The conference was held as part of the first China-Africa Economic and Trade Expo (CAETE) that started on Thursday and ends today. The minister said the government had done everything possible and would continue doing so to ensure the country was well connected to support various businesses.
“We have a better investment and business policy,” said Prof Kabudi adding that, the fact that Tanzania was among the participating countries in the Belt and Road (BRI) was also among the reasons Chinese investors should trust the country.
He explained that the country had the skilled labour force so the companies that would come in the country wouldn’t struggle to get the competent staff. According to him, the country can provide the market for products and services to be offered given the fact that it is also a member of two regional blocs – that is the East African Community (EAC) and the Southern African Development Cooperation (SADC).
The conference was also attended by Export Processing Zone Authority (EPZA) Director General Col (rtd) Joseph Simbakalia, who also presented business and investment opportunities available in the country.
He said Tanzania being China’s partner in production capacity cooperation, welcomed investments through special economic zones to produce for domestic, regional and international markets. The EPZA boss noted that agro-food processing, textile and garments, horticulture, livestock, fisheries and pharmaceutical industries were among priority sectors for production capacity cooperation with China.
He said others were farm equipment, renewable energy equipment, locomotives and rolling stock, building materials and petrochemical industries. “The government of Tanzania has made critical interventions in the economy and maintains dialogue with the private sector to continue implementing investment policy reforms to improve the business climate with improved management and maintenance of social stability,” he told delegates.
Earlier, Chinese company, Supper Agri-Technology, signed an agreement with Tanzania Agriculture Export Processing Zone to invest in agricultural processing in the country. The agreement has it that, the Chinese company will invest $1bn in five years.
CAETE has been attended by more than 10,000 guests from 53 African counties and representatives from regional and international organisations such as African Union (AU), World Trade Organisation (WTO) and Unido just to mention a few.