Tanzania sees investment fortunes
- Eyes regional commercial, logistic hub status
- Mega Dar mall to parade 2, 600 shops, creates 15,000 direct jobs
THE construction of the East Africa Commercial and Logistics Centre (EACLC) in Dar es Salaam by the Chinese investors is a clear testimony of the government’s job well done in attracting foreign investors, Prime Minister Kassim Majaliwa has said.
He made the statement on Thursday after inspecting the project, which is being constructed at the Ubungo area at a cost of 195bn/-.
Upon completion, the mega commercial complex will have 2, 600 shops and create 15,000 direct jobs and over 50,000 indirect ones, stimulating business as well as increasing government revenue collection through tax and levies.
“This project is one of the results of various efforts that have been taken to create a conducive environment for business and investments, the government is determined to attract more foreign investors,” he said.
According to him, some of the initiatives were the establishment of the one stop centre at the Tanzania Investment Centre (TIC), cutting down a total of 232 taxes and levies as well as continuing to implement strategic projects that would facilitate business.
“These efforts have enabled the government through TIC to register a total of 537 projects worth 7.2 billion US dollars (about 16.9tri/-) that are set to create 92,770 jobs,” he said.
Premier Majaliwa went on to commend the investor for executing the project, assuring of the government full support to ensure the investment benefit both parties.
“This investment is also a result of the good relationship that Tanzania and China have been enjoying for a long time, I want to assure that our existing bilateral ties shall continue to prosper for many years to come,” said Mr Majaliwa.
He went on to explain that the government through Export Processing Zone has managed to register a total of 38 projects worth 139.7 million US dollars (about 327.7bn/-), while recording an export of 191.04 million US dollars (about 448.2bn/-).
The projects are in various sectors such as agriculture, industrial goods, chemicals, jewelleries and forests.
Earlier, the Director General of EACLC Dr Cathy Wang said upon completion and becoming operational, the complex will record a total annual income of 500 million US dollars (about 1.2tri/-) thus increasing the economic growth of Tanzania.
“Success of this project will also boost foreign investor confidence as a result of attracting more Foreign Direct Investment (FDI’s) to contribute to the industrial transformation,” she said.
Adding; “Other benefits that will be brought by the project include the rapid transformation of the Tanzanian economy into a middle industrial economy by the year 2025, as a result of fostering sustainable economic growth.
According to her, the main structure part of the complex is set to be completed by the end of this year with the whole project set for completion in June 2024.
“We are committed to facilitate and enhance economic and trade exchanges and cooperation between Tanzania and Chinese enterprises by providing a two-way platform service for members of the two countries.
She said the mall will also play an effective role in enhancing the economic, trade, cultural exchanges that have contributed to the country’s industrialisation strategy.
For her part, the Minister of State, President’s Office Regional Administration and Local Government Angellah Kairuki said the operations in the commercial complex will play a huge role in further opening up the country in terms of business.
“Businesses to be done in this complex will play a role in strengthening Tanzania’s cooperation with other neighbouring countries including Malawi, Zambia, Democratic Republic of Congo, Burundi, Rwanda and Uganda,” she said.
