Progressive Tanzania textile industry to pull more of Chinese investment

YarnsandFibers News Bureau 2014-06-30 13:00:00 – Tanzania

The boost in Tanzanian textile sector will help attract more Chinese investors which will benefit of both countries. Chinese Vice President, Li Yuanchao during his last week’s visit to Tanzania assured there will be increased investment by his countrymen should the textile industry in Tanzania continued improved performance. Vice President, Li Yuanchao, toured the Chinese owned Tanzania Tooku Garments Co. Ltd that was established within one of the Export Processing Zones in Dar es Salaam in 2011 specializing in the research, development and production of garments. At the EPZA offices, Vice President, Li Yuanchao held talks with the authority’s workers, management and government officials. In attendance was, Minister for Trade and Industries, Dr Abdallah kigoda, who said that the contribution of the industry to the country’s economy is vital and Chinese investment only service to augment it. The EPZA Director General, Dr Adelhelm Meru urged the Chinese business community in the country to invest in Tanzania’s Export Processing Zones (EPZs) and Special Economic Zones (SEZs) to abide by the country’s strategic investment structure as specified by the government. In only the last six years, Tanzania’s Export Processing Zones (EPZs) and Special Economic Zones (SEZs) have created some 32,000 employments and facilitated the creation of 118 factories and attracted capital worth USD 1.3 billion already. The Chinese leader during his six day official visit to Tanzania opened a business forum attended by stakeholders from both countries with representatives of over 100 Chinese companies and 120 Tanzanian companies. Notably, in the country, there are so far 522 investment projects from China representing a total value of USD 2.4 billion and which are also expected to create some 77,335 employments for Tanzanians. However, Tanzania is looking at more Chinese investments to be a source of employment, expertise and technology transfer for the country.

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