Tanzanian mining industry set to attract overseas investors
TANZANIA is set to attract over eight new foreign investors this year, especially in the manufacturing and sugar cane plantation sectors. Chinese, American and Japanese investors, according to a senior government official, are keen to invest in the manufacturing of buses, and large-scale sugar cane plantations along the Wami and Rufiji valleys.
The companies are also eyeing the solar power, gemstone industry and tree plantations for paper making, the executive director of the Tanzania Investment Centre, Mr Emmanuel Ole Naiko, said.
The influx of big
FDI, said Naiko, has been stimulated by the numerous presidential trips abroad over the past year, during which he was accompanied by a large entourage of eminent businessmen speaking the language of investment.
Representatives of the American Welch Group and Hope Foundation arrived in the country last month, and a South Korean firm is also expected soon. With their local partners, Antelope Tours and Zizini Company, a Tanzanian firm located in the US, the Welch Group and Hope Foundation will invest in the sugarcane plantations and food production.
Other firms whose officials have also been around include Candy and MIC Industrial Development Company Ltd. of China. The firms intend to team up with Mtibwa Sugar for investments in sugarcane plantations.