CHINESE INVESTMENTS IN TANZANIA
Chinese investments in Tanzania, one of the fastest-growing economies in Africa, have soared in recent years.
“Over the last 10 years, from 2013 to 2023, China has invested close to US$10 billion worth of investments in the country. On average, (that’s) a billion dollars a year,” said Mr Gilead Teri, executive director at the Tanzania Investment Centre, an agency promoting and facilitating investment in Tanzania.
The US$3 billion Sino-Tan Industrial Park, for instance, is rapidly taking shape. When completed later this year, it is expected to create up to 600,000 direct and indirect jobs.
The industrial park is located about a three-hour drive away from Dar es Salaam, the country’s largest city.
It is largely funded through loans from China, which is Tanzania’s biggest trading partner.
Tanzanian Vice President Philip Mpango said: “Tanzania is ready for business and (President Samia Suluhu Hassan’s) administration is firmly committed to make Tanzania one of the most attractive investment destinations in our region.”
Meanwhile, the US is also making strategic investments and strengthening trade links.
As of December last year, the US has 283 projects registered at the Tanzania Investment Centre, according to government figures. The businesses provide around 55,000 direct and indirect jobs to locals.
Last year, US Vice President Kamala Harris promised to facilitate up to US$500 million in financing to help American companies export goods and services to Tanzania.
