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Samia pushes investment drive

Samia pushes investment drive

AS President Samia Suluhu Hassan's efforts to open up the country bear fruits, government officials have been directed to act fast to encourage more investments.

Speaking in Dar es Salaam on Monday, President Samia said she wanted to see her investment drive bears more fruit.

Since stepping into power in March, this year, President Samia has spearheaded foreign investment drive, using her working tours abroad to entice prospective investors to come and invest in the country.

She recalled that her CCM Party’s Election Manifesto required her to fulfill various pledges, and in order to implement some of those pledges she must travel outside the country to meet development partners as well as potential investors.

“I have to go and speak to them nicely,” Ms Samia stated while launching a state-of-the-art-energy product factory known as Elsewedy Electric East Africa LTD, located in Kigamboni District. She also handed over an Investment Certificate for Kigamboni Industrial City.

Speaking during the event, President Samia said the country is currently experiencing an investor boom due to various efforts undertaken by the government to facilitate trade and investment within and outside the country.

"It's thus the responsibility of my subordinates to strengthen coordination and continue to outline all challenges which hamper investment and business by looking for long term solutions," said President Samia.

President Samia reminded public officials serving in the sector to equally do away with business as usual, noting that their pace should go in line with the large number of investors who are flocking to the country while taking into account the scope and nature of investment.

Ms Samia said Tanzania was bound to witness more investors due to the vast opportunities that exist in the country, noting that plans were ongoing to promote trade and investment within the country.

She called upon every Tanzanian to support the investment drive which aims at creating more jobs, boosting the economy and welfare of the people.

President Samia hailed the energy factory's investors, saying the investment reflects a clear path for Tanzania in pursuing economic liberation.

She pointed out that the factory is one of a kind in the whole of Sub-Saharan Africa, and it will enable Tanzania to export hi-tech products by producing 15,000 tonnes of copper wire, transformers (1500) and 100,000 electric meters annually.

"Half of the products will be sold outside the country thereby increasing the country's foreign direct investment within the country. The other half will be used within the country reducing the product," said President Samia.

With Kigamboni Municipality officially opened up as a crucial industrial area, the president said priority should be given to the district on the shores of the Indian Ocean, to ensure all the areas have access to paved roads, water and electricity among other services.

President Samia noted that the Covid-19 situation has brought about a lot of unpleasant situations but has also created opportunity for Africa to open up more, therefore Tanzania should use its geographical setting to its advantage.

Meanwhile, President Samia commended and welcomed the 111-man delegation, consisting of 40 large investors from Egypt led by their Minister of Housing, Utilities, and Urban Communities Mr Assem El Gazzar, to exploit the many investment opportunities available in Tanzania.

The company's President, Mr Ahmed El Sewedy, whose firm is also undertaking the 2115-Megawatt Julius Nyerere Hydroelectricity Power Project (JNHPP) along Rufiji River in Coast Region, observed that once the project is completed it will create many jobs for Tanzanians.

"I have come here with other major investors from Egypt who have expressed interest to invest in Tanzania...after one year, you will be able to witness how the investment has helped to generate more jobs and capacity building," said President El Sewedy.

Mr Sewedy, said the factory will build capacity for its local staff, and some capacitated workers will be used in their other establishments located across the globe. 

The Kigamboni-based factory is the second largest establishment after the one located in Egypt.

https://apps.tsn.go.tz/public/uploads/8b4899f131a27c26719df7d371f9d6a9.jpg


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