9 December 2018

Tanzania: Govt Assures Chinese Investors of Security

Photo: The Citizen Tanzania
China’s Ambassador for Affairs of the Forum on China-Africa Cooperation (FOCAC) in the Tanzania Foreign Ministry, Zhou Yuxiao.

THE government has assured investors from China that their investments in the country will be protected as the country's laws, rules, regulations and other legal frameworks guarantee such protection.

Apart from such an assurance, the government has urged Chinese investors to continue investing in the country, including bringing in their companies to exploit opportunities in other sectors such as agriculture and construction.

This was said in Dar es Salaam yesterday by the Minister of Industry, Trade and Investment, Joseph Kakunda while opening Foshan Household Essentials Exhibition Centre in Keko area, Temeke district.

Kakunda said that apart from the protection of capital investment, the government has promised to continue creating favourable conditions for doing business for both local and international investors.

The minister said investors, wherever they are in the world, can register their companies and conduct their business. "We welcome companies from China to invest in the country because we have many opportunities in different areas, especially in processing industries, among others," Mr. Kakunda said.

According to Kakunda, the agricultural sector itself has a lot of opportunities because currently there are many sunflower oil companies but the challenge is the scarcity of raw materials, saying the government of Tanzania has invited China to use the opportunity to create sunflower processing industries.

He added that the government has also improved the business court that used to address challenges and complaints of traders, with the main aim of ensuring that all investors and traders are free and acquire all basic rights.

However, Mr Kakunda urged investors to respect the existing Tanzanian culture in the country so that they can conduct their business freely. Chinese Embassy Representative, Yuan Lin said China is proud to cooperate with Tanzania in various sectors, including construction and other sectors.

He said they will encourage other companies to come in the country to invest in order to help the Tanzanian government to achieve its industrialisation agenda. "We will continue to invest in Tanzania because there are many opportunities.

The move will help to develop the national economy and achieve industrialisation policy. We realize that there are many opportunities for economic growth, so we want to continue improving the investment relationship that will help to enhance Tanzania's cooperation with China," Lin said.

The Director of Foshan Households Essentials Exhibition Centre, Wang Lixin said the centre will employ more than 900 Tanzanians and Chinese nationals. He explained that the centre is built on the good relationship between the two governments due to good and friendly infrastructure and environment of the two countries. "We will continue to support the government of Tanzania.

The Centre will contribute to both trade and investment. Among the existing products at the centre are domestic products and construction equipments," Lixin said.

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