Vice President extols Tanzania's investment potential at Tanzania-China Forum

Dar es Salaam. The Vice President, Dr Philip Mpango, has invited various international investors to come and invest in Tanzania, reiterating that there is stability, favorable geography, good policies, and enabling environments to facilitate their operations.

Dr Mpango made the statement on Wednesday, March 27, 2024, while representing President Samia Suluhu Hassan at the closing ceremony of an investment forum between Tanzania and China.

The forum provides opportunities for Tanzanian and Chinese businessmen to enhance cooperation and exchange.

He told the forum participants that President Hassan’s administration was ready to provide support to investors so they can achieve their investment goals in Tanzania.

The government, he said, was ready to listen to any investor encountering obstacles at lower levels.

According to Dr Mpango, President Samia has issued a stern warning to government officials who appear to be slow in completing investor processes.

"The leadership of the country is ready to receive and listen to any investor facing challenges within the government," said Dr Mpango.

Dr Mpango urged Chinese investors to invest in transitioning to clean energy cooking technology to combat environmental degradation and move away from charcoal and firewood use.

"Another possible area for investment is the exploitation of blue economy resources in the Indian Ocean and the Great Lakes (Lake Victoria, Tanganyika, Nyasa and Rukwa). Available opportunities include fishing and related processing, mineral exploration, coastal and marine tourism, and transportation,"

Regarding the forum, Dr Mpango praised various Chinese companies for participating, stating that through the forum, Tanzanian and Chinese businessmen have the opportunity to exchange information.

"There has been an increase in investors from China coming to our country, which shows that Tanzania is a safe investment destination. Additionally, the implementation of various policies has contributed to making this nation a favorable place for investment," he added.

"President Samia has been a champion in opening up investment through the 4R philosophy (Reconciliation, Reform, Resilience and Reconstruction) alongside changes in laws, policies, and transparency to reduce bureaucracy, which has contributed to creating an enabling environment for investment."

The Chinese Ambassador to Tanzania, Chen Mingjian, said the investor forum, which brings together businesspeople from his country and Tanzania, seeks to boost trade between the two nations.

Ambassador Mingjian noted that Tanzania is among the countries experiencing rapid economic growth since President Samia took office in 2021, showing significant efforts in various sectors including energy and transportation.

"We are pleased to see the Julius Nyerere Dam project underway, which will help accelerate economic growth. Recent positive changes have helped attract investors and boost the economy. Tanzania and China have been friends for 60 years," said Ambassador Mingjian.

The Executive Director for the Tanzania Investment Center (TIC), Gilead Teri, said the forum was important in assisting investors.

The forum, he said, provides a platform for Tanzanian and Chinese businesspeople and investors to discuss investment opportunities, exchange information, and develop joint strategies to promote investment and thus boost the economy.

It also enhances better understanding of the business and investment environments of each country, thereby attracting and facilitating investment.

Additionally, it helps Tanzanians to enhance skills and techniques in identifying new opportunities, sustaining business between small and large companies, and accessing accurate business information from China.

During the forum, the signing of Memoranda of Understanding (MoUs) between China and Tanzania was witnessed, including cooperation agreements aimed at enhancing economic and trade relations between the two countries.

The first MoU, between the China Council for the Promotion of International Trade (CCPIT) and TIC, aims to promote and facilitate investment between Jinhua City, Zhejiang, and Tanzania.

The second and third MoUs involve Zhejiang Sifang Group Ltd in cooperation focusing on agricultural development through collaboration with the Institute of Rural Development Planning (IRDP) to advance agricultural machinery.

Other cooperation agreements include Zhejiang Sifang Group Ltd and Initiator Eastern Group Company Limited establishing a joint brand for the Tanzanian market, both ready for signing.