Chinese firms to invest in Dar

China’s Foshan city investors have shown interest to invest in the country in partnership with local firms.

The Foshan investors representing 20 companies were in the country and showed interest after Sino-Tanzania meeting that discussed various issues to boost business expansion between the two countries.

The TPSF Financial Manager, Mr Geogratius Massawe, said the goal is to ensure they connect local business community with foreign investors.

“We are still proceeding with discussion and we believe that more business opportunities will be created through this meeting,” he said.

TPSF is planning to facilitate a business trip for country’s traders to Foshan in China in this year.

One of the Chinese business representatives, Yang Wu said that the decision on which sectors to invest will depend with the discussion and readiness of local traders.

“We are expecting to hold talks with Tanzania Investment Center (TIC) and after we understand local business operations we will decide where we can invest,” he said.

Though, Mr Yang hinted that one of the areas of interest is mineral processing and trading.

James Maziku, from Export Processing Zones Authority (EPZA), said that there is plenty of investment areas for foreign investors in the country.

“We are establishing infrastructures to accommodate investors who are coming here and, in our presentation, we have shown them about the Bagamoyo project,” he said.

The country’s business community under Tanzania Private Sector Foundation (TPSF), Tanzania Trade Development Authority (TanTrade) and Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) attended the meeting.

The event among other things will see Tanzania business community venturing with Chinese based companies to sell several products made in Foshan, China.

The bilateral trade between China and Tanzania has rapidly gone up with the trade volume reaching 6.74 billion US dollars up 47.1 per cent year-on-year.

Tanzania’s exports to China amounted to 606 million US dollars, up 47.3 per cent year-on-year.

More than 40 per cent of Foshan’s self-owned brand products are sold all over the world, making it a veritable “world factory” mainly building materials, furniture, accessories, hardware, lamps, household appliances, and coatings.