Samia’s China visit delivers
- TIC says mega bank agrees to extend wings to TZ
TANZANIA: THE Tanzania Investment Centre (TIC) has reported ten significant outcomes from President Samia Suluhu Hassan’s recent visit to China, which focused on enhancing investment opportunities for Tanzanians.
TIC Executive Director Gileard Teri outlined some of the key achievements, including a pivotal meeting between the Minister of State in the President’s Office for Planning and Investment and major Chinese investors, particularly with the Industrial and Commercial Bank of China (ICBC).
This bank, which serves over 800 million customers, agreed to expand its services in Tanzania and encourage its clients to invest more in the country.
“One of our major accomplishments was the engagement with the ICBC during the Forum on China-Africa Cooperation (FOCAC) summit. The bank has committed to increasing its investments in Tanzania,” said Mr Teri.
He also said that TIC met with numerous investors to continue attracting them to Tanzania. The discussions focused on priority sectors such as energy, agriculture, infrastructure, industry and tourism.
Additionally, TIC worked with current investors in Tanzania to address and resolve challenges they face. For example, some investors met with the Managing Director of the Tanzania Electric Supply Company (TANESCO) Mr Nyamo-Hanga, to tackle electricity issues hindering their investments.
TIC hosted an investment forum that brought together 60 Chinese investors interested in exploring opportunities in Tanzania. During this forum, Tanzanian investment prospects submitted to the centre were presented to potential Chinese partners, facilitating mutual collaboration and investment.
Another notable outcome was that Tanzania became the first country to begin implementing the agreements made during the 2024 FOCAC Summit held on September 5, 2024.
The following day, TIC signed an agreement with Weihai City to enhance interactions between investors from Weihai and their Tanzanian counterparts. “This represents a significant opportunity for Tanzanians,” Mr Teri remarked.
Furthermore, three investors have expressed interest in Tanzania’s ICT and radar sectors. These investors are keen to introduce advanced technology solutions to improve Tanzania’s digital infrastructure and communication systems.
In the livestock sector, Minister for Livestock and Fisheries Abdallah Ulega reported that discussions focused on fish farming.
“Two companies have shown interest in investing in Tanzania, with one focusing on marine fisheries and the other on lake fisheries,” he said.
Mr Ulega added that these companies aim to bring technology, capital and training based on their successful ventures. “We have agreed on an exchange programme, particularly involving young people from the Building a Better Tomorrow (BBT) project,” he noted.
Meanwhile, Prof Kitila Mkumbo noted that during the FOCAC meeting, President Xi Jinping announced that China would open its market to provide 100 per cent tariff-free access for African products, including those from Tanzania.
“This is a groundbreaking opportunity, as no major global power has ever offered such a concession before,” Mkumbo stated. He emphasised the importance of encouraging Tanzanian businesses to seize this market opportunity.
“The Chinese market is vast and promising for African products. Tanzania will work on motivating its traders to fully capitalise on this chance,” he added.
Tanzania’s Ambassador to China, Khamis Mussa Omar, highlighted the long-standing diplomatic relations between the two nations, which began in 1964. This year marks the 60th anniversary of these relations, which have significantly strengthened across social, political and economic spheres.
“Last year, trade between Tanzania and China reached approximately 9 billion US dollars. In recent years, China has become a major source of private investment capital for Tanzania,” the envoy said.
He also noted the ongoing cooperation between the two countries in terms of people-to-people exchanges, particularly in education. “Many Tanzanians come to China for higher education and we also engage in exchanges related to tourism and high-level leadership.”
