Sunday, August 27, 2017

Vietnam expresses desire to invest in Tanzania

Exports of raw cashew nuts will soon cease, thanks to the arrival of Vietnamese firms that have expressed interest to revive all idle factories and construct many more.  According to Industry, Trade and Investment Minister Charles Mwijage, Tanga region will be the first beneficiary under the envisaged distribution of agricultural inputs, training of citizens on modern cashew nut production systems and job creation. Available data show that about 90 per cent of Tanzanian cashew nuts is exported to India in raw form, with the small portion, less than 10 per cent, processed in the country. The country has huge potential of expanding production and increasing productivity as well as adding value of the cash crop beyond the current 10 per cent, making use of byproducts, as well. Mr Mwijage, speaking in Dar es Salaam during the final preparations for a business delegation to India, said: “The coming of Vietnam is a result of improved investment environments... we do expect many more investors.”He said after Tanga, the Vietnamese investors would go to Lindi, Mtwara and other areas, training and encouraging Tanzanians to produce cashew nuts. The business delegation, with representatives from 17 companies, left the country on Saturday for a two-day workshop that ends tomorrow, aimed at, among other things, to strengthen trade cooperation between the two nations. 

The minister said the relevant investment authorities, including Tanzania Investment Centre (TIC) have been improving investment parks, countrywide, to avail potential investors with many options to invest. The investment park setting has been executed under the supervision of Regional and District Commissioners, said Mr Mwijage, adding that investment areas are already available in Dar es Salaam (Kigamboni), Ruvuma (Songea), Coast (Bagamoyo) and Singida. Investors will only be subjected to practise levelling in term of setting water, electricity and other simple infrastructures in line with the nature of investment, the Minister said, adding: “Our experts, especially those from Export Processing Zone will use the workshop in India to promote the available investment opportunities in the country.” Meanwhile, Mr Mwijage has appointed Dr John Mduma as acting Director General of the Fair Competition Commission effective today. Dr Mduma who is Senior Lecturer of the University of Dar es Dar es Salaam’s Economics Department replaces Dr Frederick Ringo whose term has expired.

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