A TANZANIAN firm, Mohammed Enterprises Tanzania Limited (MeTL), Group, is planning to spread its investment wings by investing in sugar production and communication sector.
This was revealed on Thursday by MeTL Group Chief Executive Officer (CEO), Mohammed Dewji, popularly known as MO, during the launching of a new industry, 21st Century Food and Repackaging Limited, at an occasion which was graced by President John Magufuli Mr Dewji said following President Magufuli’s support towards building an enabling environment for industrialisation, METL Group will also spend 340 bn/- in establishing a sugar factory.
“Due to the measures your administration has taken in regulating the sugar sector, we have been convinced to invest in the sector. We want to shift from importing sugar to pro- ducing the product. To be able to implement this project, we will also set up a sugar factory and plantations,” the youngest African billionaire said, adding that the investment will also solve some problems that have often been emerging in the sector.
He told the president that in the next five years, MeTL Group is planning to spend 520bn/-in establishing factories for the production of wheat and maize products such as biscuits and pasta, adding that the focus is on adding value to crops pro- duced in the country.
Mr Dewji said it was also in their plans to invest in the communication sector, cooking oil and dry port infrastructure, with 860bn/-expected to be spent.
He said the ultimate goal is to employ 100,000 people by 2025 from the current 30,000 employees. He heaped praises on Presi- dent Magufuli’s performance, especially in taking decisions to build a Standard Gauge Railway (SGR), insisting that the project was vital as it would reduce the cost of doing business and enable consumers access products at reduced prices.
Giving an example, Mr Dewji using the road was a costly transport mode for businesspeople, as it has been proven that the cost of transporting a kilo of wheat flour from Dar es Salaam to Kigoma by road is 220/-, while by railway it costs 100/-.
“It is an undisputed fact that the SGR project will significantly reduce transport cost for agricultural products, giving relief to the public,” he said: Adding that implementation of other transport and power infrastructure projects in the country are some of the aspects that showed how President Magufuli is determined to take the nation to the next level of development.
The CEO praised the president for waging a spirited war against corruption in the country and restoring discipline among public servants.
“We at MeTL Group are greatly satisfied with your leadership, including measures being instituted that help to boost economic growth. We congratulate you and the entire government for the reforms.
Some of us have already understood you. We are pretty sure those who are yet to understand you will do so later,” Mr Dewji insisted.
With 50 years in operation, MeTL Group is one of the companies engaging in a variety of businesses, including import and export.
It engages in trad- ing in a wide range of products, estimated to reach 2,000.