CHINESE INVESTMENTS IN TANZANIA HIT 13TR/-

DAR ES SALAAM-- Chinese investments in Tanzania through the Belt and Road Initiative last year stood at 5.77 billion US dollars (about 12.7trl/-) through 670 projects, which created 150,000 jobs for local people in various sectors of the economy.

The Ambassador of China to Tanzania, Wang Ke, said her country is committed to promoting the strategic relations with Tanzania through building the capacity and cooperation for industrialisation.

The Chinese envoy made the remarks ahead of the Forum on China-Africa Cooperation (FOCAC) summit slated for Beijing early next month, where Prime Minister Kassim Majaliwa is expected to represent President John Magufuli.

Ke noted that Majaliwa is slated to have bilateral talks with President Xi Jinping at the FOCAC, which is expected to kickoff in Beijing, China on Sept 3, this year, under the theme; China and Africa, Towards an even stronger community with shared future through win-win cooperation.

Speaking at the news conference, Ke said more and more Chinese investment has entered into various industries in Tanzania, including textiles, steel, building materials as well as energy, telecommunication and construction.

In terms of agricultural modernisation, the Tanzania Demonstration Centre of Chinese Agricultural Technology has actively spread shared agricultural development experience to improve local grain production, the envoy remarked.

According to the Chinese envoy, President Jinping is expected to announce new policies and measures aimed at improving Sino-African relations on infrastructure, trade, industry as well as financing and investments.

Ke pointed further that Chinese contractors have undertaken massive projects in Tanzania including the first cable-stayed Nyerere Bridge linking the central business district in Dar es Salaam and Kigamboni Creek across the Indian Ocean.

Over the past 40 years, China has been supporting the maintenance of Tanzania Zambia Railway (TAZARA) through economic cooperation and provision of assistance for feasibility study of the standard gauge railway, she stated.

FOCAC is held after every three years and it is aimed at strengthening Sino-African economic cooperation and trade relations to establish a new international order that will better reflect the needs and interests of China and Africa.

Since the forum was established, it has provided valuable platform for interaction between China and African counties, which has evolved to include more areas of cooperation between the two parties to demonstrate significance attached to the forum.

Tanzania has successfully used FOCAC mechanism to attract investment from Chinese public and private sectors in agricultural processing, manufacturing of building materials, energy generation as well as construction of electricity transmission lines.

Source: NAM NEWS NETWORK