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800+ Chinese companies express interest to invest in Tanzania

More than 800 Chinese companies have expressed interest in setting up shop in Tanzania according to the country’s Presidency.

Details indicate that the representatives of Chinese Business Chamber of Tanzania have met with President Samia Suluhu to discuss various issues pertaining to investments.

Areas of investment interest according to the Tanzanian government include; mobile phone industry, Human Medicine, Cars and Industrial parks.

China and Tanzania enjoy deep cooperation dating back decades since 1961.

Also read: Tanzania to revive US$30B LNG project

Chinese President Xi Jinping visited the East African country in 2013 saying his visit aimed at consolidating the traditional friendship, charting the course for future cooperation and promoting common development. He believed the visit would surely inject new vigor and vitality into the development of bilateral friendly cooperative relations.

As one of the major recipients of China’s aid to Africa, Tanzania has received more than 100 cooperation projects and programs totalling over US$2B since the early 1960s, although exact calculations are not available.

According to the United Nations COMTRADE database on international trade, Tanzania exports to China was US$144.59M during 2018.

China, the world’s biggest importer of soybeans, opened its market to Tanzania as it seeks to reduce its reliance on the United States and Brazil for supplies of the oilseed.

Source: Further Africa

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