Tanzania seeks Malaysian investment in edible oil
Tanzania seeks investment to boost edible oil production .
What you need to know:
- Edible oil prices have skyrocketed in recent months even as Tanzania has a huge potential to produce the product in abundance
Dar es Salaam. The government is in dire need of ending its dependency on imported edible oil and is asking investors from Malaysia to help bridge the deficit.
The minister for Investment, Industries and Trade, Dr Ashatu Kijaji (pictured), told 10 foreign investors at the Tanzania Investment Centre (TIC) headquarters yesterday that despite its reliance on imports, Tanzania had a huge local market of edible oil and production potential.
“Malaysia is renowned for its edible oil production. We want to benefit from your valuable experience,” said Dr Kijaji, asking the investors who came from Malaysia, Hong Kong, United Arab Emirates, Poland and Seychelles to set up edible oil processing factories in Tanzania.
Eight of the prospective investors came from Malaysia and were accompanied by Tanzanian Ambassador to Malaysia, Dr Ramadhani Dau.
Dr Dau said the embassy was talking with Access Logistics Company to explore ways of investing in Tanzania.
“We are in the final stages of our talks,” he said.
Dr Kijaji also asked investors to consider investing in Tanzania’s ports, especially the nascent Bagamoyo port, saying the government would want to see the port developed to lessen the workload on Dar es Salaam. She also asked investors to consider investing in Tanga and Mtwara ports.
Mr Shukri Albraik of Link-Value Lamar Resources Limited from Seychelles said their company wants to invest in oil, gas and minerals. He also said Tanzania has an elaborate system of dealing with investors, the government has developed an investor-friendly environment and that Dar es Salaam is well placed to serve as gateway for this part of Africa. “We would want to use Dar es Salaam to reach markets in inland, land-locked eastern and central African countries and the rest of the world,”he said.
Currently, the government is focusing on inviting financiers to invest in agriculture, construction, commercial buildings, mining, oil and gas, logistics and transportation.
Mtwara Region is in the spotlight in the oil and gas negations with world prospective investors.
