President Samia Suluhu Hassan renewed her bid to tap into the expertise and rich investors from China to revolutionize development projects in the country.
Tanzania which is looking to become the East African development giant, on Monday, September 25 stated that it had opened its doors to more Chinese investors.
According to Tanzanian Prime Minister Kassim Majaliwa, the country had opened its doors to Chinese investors to support industrialization.
“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.
While explaining why Tanzania was ideal for them, Majaliwa noted that the country had 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.
His sentiments were supported by Kitila Mkumbo, minister of state in the President’s Office responsible for planning and investment.
Mkumbo urged local investors to team up with their Chinese counterparts to create a strong and robust industrial base in Tanzania.
local investors to team up with their Chinese counterparts to create a strong and robust industrial base in Tanzania.
Chinese investment has had a significant influence in Tanzania in terms of trade investment, job creation, and relationships, according to Gilead Teri, executive director of the Tanzania Investment Center (TIC).
“For the past 10 years, China has registered 1,908 projects worth $1.6 billion in the mainland and 15 projects in Zanzibar worth $220 million,” he stated.
