Political stability, peace attract Chinese FDIs

DAR ES SALAAM: POLITICAL stability, government development vision, peace and security have been key components that attract foreign companies to invest in the country compared to others in Africa.

Speaking recently in Dar es Salaam while briefing on a coming forum ‘China – Tanzania Investment Forum’ which will be held in Dar es Salaam, late this month, the Chairman of Sinotan Industrial Park, Mr Janson Huang said the country is a potential area for investment.

The forum will bring together more than 100 delegates from China.

“Tanzania has a lot of advantages that contribute to attracting investors, like a big population with young people, political stability, natural resources, and strategic location.

“We also are investing in Tanzania in a big way because Tanzania has got very big potential compared to other African countries.

“Some African countries where we also did studies, we made many friends. Sometimes they told us that their countries are not politically stable but Tanzania is politically stable as you know investors need peace and security where the country is one of the countries with peace and security,” said Mr Huang.

In addition, he said the country’s development vision is an important tool to attract investors.

He said that some of the companies showed big interest in investing in the country and others have already entered the industrial park.

Mr Huang said some companies have already confirmed to invest and requested procedures for investing are those companies for textile, cosmetics and logistics.

Others are pharmaceutical, sanitation, environment protection and hardware and are serious about making investments in the country.

“These companies have asked us to get the policies and local partners to work with them. They are just not only coming to a meeting but also to invest,” said Mr Huang.

The forum, apart from invited companies from China, also attracted firms from Angola, Kenya, Ethiopia, and Uganda.

The Tanzania Investment Centre (TIC) Director of Investment Promotion, Mr John Mnali said China is the lead in investor in the country.

“We anticipate the meeting will bring in more investments from in China,” said Mr Mnali.

The Confederation of Tanzania Industries (CIT) Executive Director Mr Leodegar Tenga said the Tanzanian cannot make progress alone without teaming up with other nations.

“We must cooperate with economically successful people like China to learn various technologies to fast develop our economy as well,” said Mr Tenga.

China’s investment in Tanzania in the last two decades and a half has reached 10.5 billion US dollars out of 1,134 projects.