TRADE AND INVESTMENT MISSION FROM GERMANY’S BAVARIA STATE VITING TANZANIA

DAR-ES-SALAAM, Representatives of 20 companies from the Federal State of Bavaria in southern Germany have arrived in the country to scout for investment and trade opportunities, the Tanzania Investment Centre (TIC ) says.

TIC Public Relations Manager Pendo Gondwe says the potential investors have expressed interest in investing in priority sectors, including energy, manufacturing, agriculture, oil and gas, mining, education and construction.

The visit comes less than two weeks after TIC registered a mega fertilizer project to be implemented jointly with investors from Germany and Denmark. Some two weeks ago, German investors, under a company called Ferrostal Industries Project GmbH, registered a project at TIC worth 1.9 billion US dollars to build a fertilizer plant at Kilwa Masoko in Lindi Region (Province), to be implemented jointly with Danish shareholders Holdor Topsoe A/S.

The project has been registered under the name of Tanzania Mbolea and Petrochemicals Company Limited (TAMCO) in which Tanzania Petroleum Development Corporation (TPDC) also has a minority shareholding.

Speaking after a meeting with representatives of the companies in Dar es Salaam, TIC Executive Director Geoffrey Mwambes said: We are gratefully honoured to host the German delegation from Bavaria; German companies have shown the highest level of commitment to invest in Tanzania and this (visit) highlights the highest level of confidence in our government's policies.

Mwambes said that the delegation was another step towards engaging German companies in realising Tanzania's industrialisation agenda. Germany is our natural partner in fostering and developing ever closer business relations with the country, and we would like to continue to cooperate with its private sector organizations.

The leader of the German delegation, Ulrich Konstantin Rieger, touched on the close and long time ties between the two countries, which he said the visit would be instrumental in consolidating. He said German investors were particularly interested in long-term investments, on account of which they enjoyed support from Dutch banks.

Business relations form a central part of relations between Tanzania and Germany. TIC has so far registered 157 projects from Germany worth 324 million USD, creating 14,324 jobs for locals. Tanzania has recorded remarkable economic development in recent years, with an average GDP growth of around 7.0 per cent, a trend that boosts investor confidence.

Source: NAM NEWS NETWORK