Tanzania appreciates Chinese investment potentials

TANZANIA government has reiterated its commitment to continue offering a friendly investment environment to Chinese investors, as their contribution has shown a remarkable socio-economic development in the country. The call was made last week in Dar es Salaam by the Minister of Trade and Industries Dr. Cyril Chami during the occasion to mark the beginning of the new year of the Dragon, a traditional symbol of Chinese new year activities which is celebrated by Chinese community worldwide. The event which took place at Serena Hotel was hosted by Tanzania Standard Chartered Bank and attended by high ranking Chinese Ambassador accredited in the country Hon. Liu Kinsheng and some prominent Chinese business people and Chinese community members working in the country. Standard Chartered Bank (T) Ltd hosted the occasion in honour of its Chinese clients and customers in Tanzania so as to bring a mutually beneficial socio-economic development between Tanzania and China. The event was marked by a celebration of both the Chinese and Tanzanian culture through various activities. To appreciate Chinese investors' move and their efforts towards national development, Dr. Cyril Chami who was the guest of honour said that, Tanzania is happy with what the Chinese investors are doing to develop Tanzania in various sectors of development especially in construction industry. He said 1,860-kilometer Tanzania-Zambia Railway, better known as TAZARA, which was built in early 1970s by the generous support from China, with the assistance and cooperation of our own people. Among the few but bigger investment potentials the Minister mentioned is the recent construction of a 60,000-seat new National Stadium which is hailed as the most modern sports facility of its kind in East Africa, again was built with the Chinese support and by Chinese experts. The recent signing of an agreement between the National Social Security Fund (NSSF) and the China Railway Jianchang Engineering Company (CRJE) to construct the 600-meter Kigamnboni bridge, marks yet another milestone of our partnership and relations. It will also create over 3,000 jobs out of which about 1,000 jobs are expected to be permanent. According to the Minister, Tanzania continues to offer raw materials such as cotton products, semi processed minerals such as copper ore and gold to China in addition to exporting finished wood, cashew nuts and coffee. Also given the country is endowed with massive water bodies - the Indian Ocean and Lake Victoria, thus has been exporting sea food to China.

Tanzania's Trade and Industry Minister, Dr. Cyril Chami



Members of Chinese community living in Dar es Salaam during the occasion

Commenting his views during the occasion, the Chief Executive of the Standard Chartered Bank, Jeremy Awori said that, his bank is a committed proponent of the socio-economic potential and benefits of the Africa-China trade investment corridor. He said “trade between the Asia-Africa corridor is striking a hallmark in international trade and investment”. He is optimistic that his bank has a deep local knowledge of both Africa and China and will continue to provide the necessary financial tools and strategic advice to Chinese companies doing business as in Africa. By end of 2010, the Asia-Africa trade corridor had exceeded the USD 110 billion mark and is expected that trade investment on this corridor will continue to grow. However, this figure will continue to rise as the trade relationships and economic partnerships between Tanzania and China continue to develop and grow. However, he said adding that, the bank's latest Chinese new celebrations in Tanzania are a further demonstration of the importance that the Standard Chartered bank is placing on its African and Chinese businesses. The latest efforts by the bank include the signing of a memorandum of understanding (MOU) in 2010 between Standard Chartered Bank and the Agricultural Bank of China (ABC), establishing a strategic partnership to explore the joint development of business opportunities both within China and internationally, including Africa.