President Samia Suluhu Hassan has launched the Saturn Corporation Limited Company's truck assembly plant in Dar es Salaam.
The project is expected to generate about 2,050 job opportunities.
Of the said number, 250 jobs will be direct employment, while the remaining 1,800 will be generated indirectly.
Speaking at a launching ceremony held at Kigamboni, Dar es Salaam, the Head of State said more industries are highly needed to enhance the country's fight against poverty.
"Industries increase production and provide employment to citizens, a very important factor in promoting an integrated economy... But also when there is investment like this, the government's revenues increase and the country gains new technology from them," she noted.
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Moreover, the Head of State said that Tanzania is ready to welcome and cooperate with all investors willing to come into the country, noting that it is one of the reasons why the government decided to reduce the corporate tax from 30 percent to 10 percent.
"Tanzania is ready for investment, and this is the right time for investment. Let companies come, and we will cooperate with them. We have strengthened the investment environment, and our goal is to stimulate more investment, increase employment, and ease the availability of vehicles that will help in economic activities, especially agriculture and business," President Samia said.
Meanwhile, President Samia noted that as the country aims to ensure that it is self-sufficient in the production of goods, she instructed the Minister for Industry and Trade, Dr. Ashantu Kijaji, and the investment minister to ensure that the issue of Mchuchuma and Liganga projects are completed as soon as possible for a better company to take over and its metal to be used as raw materials in industries.
The investment involves the construction of the Mchuchuma coal mine, a 220kv transmission line between Mchuchuma and Liganga for supplying the Liganga Metallurgical Complex, and an accompanying 600-megawatt (MW) thermal power station.
