THE Tanzania Investment Centre (TIC) on Thursday welcomed investors from Burundi to invest in Tanzania, saying investment opportunities abound in agriculture, industry and other sectors await prospective Burundians investors to exploit.
Speaking to reporters after vising a multi-million dollar organic fertiliser factory being built at Nala, in Dodoma Region, the TIC Executive Director, Dr Maduhu Kazi, said President Samia Hassan visited Burundi last year and the establishment of the factory was an expected result of her visit to the neighbouring country. The factory is owned by Intracom Limited and its registration number is 20214355.
“Our hope is that the Intracom Limited will be our good ambassadors in engaging Burundian investors to come and invest in Tanzania,” he told at the launch that included Burundian dignitaries.
Dr Kazi said upon completion, in 2024, the factory will produce 600,000 tonnes fertiliser annually, and Intracom Limited will have invested 180,000 million US dollars.
As of yesterday, the project had been implemented by 52 per cent, and is expected to buy animal droppings from smallholder livestock keepers countrywide.
Ten years in operation, the DG said, Intracom Limited will help Tanzania save 3.5 billion US dollars that would be spent on importing fertilizers. The company will create 3000 direct jobs and 1500 indirect jobs, he said.
Dr Kazi said 100 per cent of the factory’s raw materials will be locally obtained mostly animal droppings and phosphate, further explaining that the factory will use latest technology that will be introduced to Tanzanian workers.
The project is expected to benefit agriculture, trade and transportation sectors, he said.
Meanwhile, Dr Kazi yesterday chaired here a meeting of heads of the 12-institution National Investment Facilitation Centre (NIFC), the so-called one-stop facilitation centre that works with the TIC in serving prospective investors in cutting red-tape and loosening investment and business procedures and practices.