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Tanzania welcomes more Chinese investors to support industrialization drive

Xinhua | Updated: 2023-09-27 09:41

DAR ES SALAAM -- Tanzanian Prime Minister Kassim Majaliwa said on Monday that the country has opened its doors wide to more Chinese investors to support the East African nation's industrialization drive.

"Tanzania is ready to do business with you; our doors are wide open," Majaliwa assured the Chinese investors as he closed a one-day China Tanzania Investment Forum Zhejiang (Jinhua) -Tanzania Trade and Investment Conference held on Monday in the port city of Dar es Salaam.

He added that Tanzania has a conducive business environment, politically sound economic policies, macroeconomic stability, abundant natural resources, a relatively educated labor force, and a sizeable market because of the country's unique geographical location.

The forum attracted more than 100 economic and trade representatives led by the China Council for the Promotion of International Trade (CCPIT) Zhejiang Provincial Committee and the Jinhua Municipal People's Government in east China's Zhejiang Province.

Kitila Mkumbo, minister of state in the President's Office responsible for planning and investment, urged local investors to team up with their Chinese counterparts to create a strong and robust industrial base in Tanzania.

Mkumbo said Tanzania's industrialization agenda could be realized by inviting and attracting large-scale investors from across the globe, especially China.

Chen Mingjian, Chinese ambassador to Tanzania, said Tanzania, as one of the fastest-growing economies in Africa, has made attracting investment and foreign capital a crucial economic policy goal.

Chen said Chinese companies view Tanzania as a place for mutual development and growth, adding that many Chinese companies have established Tanzania as an essential production base, exporting products to various African countries, and creating over 150,000 jobs in Tanzania.

The Chinese delegation came with areas of interest in investment, including pharmaceuticals, food production, agricultural machinery, agricultural products, logistics, building machinery and materials, aluminum and copper raw materials, hardware tools, mining machinery, machinery products, and industrial and domestic boilers.

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