FINANCE and Planning Minister Mwigulu Nchemba has wooed French private investors through their umbrella organization MEDEF International to explore investment opportunities in various sectors of the economy in Tanzania, including cultivation of edible oil seeds.
Dr Nchemba made the call in Dar es Salaam yesterday during a meeting with a delegation of the organization which comprises 41 French companies. MEDEF International is the most representative organization of the French private sector at an international level.
The visit by the French investors follows visits of President Samia Suluhu Hassan to France in February this year and that of French Minister Delegate in charge of Foreign Trade and Economic Attractiveness, Mr Franck Riester, in Tanzania, last year.
Dr Nchemba told the delegation that Tanzania faces a shortage of edible oil due to meager production of sunflower and palm oil coupled with effects of the ongoing conflict between Russia and Ukraine which has led to spiraling prices of the commodity in the world market.
"The government of Tanzania is ready to provide you with land for cultivation of edible oil seeds," the minister told members of the delegation.
He added; "Given the negative impact of COVID- 19 and the ongoing crisis between Russia and Ukraine which are among leading producers of edible oil globally, Tanzania has the potential to produce substantial quantities of the commodity if you invest in that area."
Dr Nchemba said the government of Tanzania has so far identified eight regions which are suitable for cultivation of sunflower and four other regions which are suitable for farming and production of palm oil and thus urged the investors to explore the opportunities for local consumption and exports.
"If you compare countries which are leading in production of edible oil with Tanzania, they do not have the opportunities which we have, thus, what we need is investments to bridge the shortage of the commodity in the world market," he declared.
The minister encouraged the French investors to partner with Tanzanian investors to identify areas of investments and pledged government support in areas in which they wish to put up investments.
Dr Nchemba stressed that the government of Tanzania welcomes investors from France and other parts of the world to invest not only in agriculture but also in other sectors of the economy given vast opportunities which are available in construction of infrastructure, transportation and blue economy.
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He assured the French investors of reliable markets for their products through the East African Community (EAC) and the Southern African Development Community (SADC).
Speaking at the occasion, the Ambassador of Tanzania in France, Mr Samuel Shelukindo, who accompanied the delegation, said the investors have witnessed vast investment opportunities in Tanzania.
"They have pledged to encourage other investors from France to identify areas of investment particularly in cultivation of edible oil seeds," the envoy explained.
The Vice-Chairman of MEDEF International, Mr Gerard Wolf, said the delegation has met with ministers of different sectors and that they are ready to invest in Tanzania, including in the blue economy, where their country has made significant progress.
Mr Wolf mentioned other areas of interest in their investments as agriculture, energy, construction of infrastructure and Information and Communication Technology (ICT).
