China emerges as leading source of foreign investment in Tanzania, officials

People attend the China-Tanzania Investment Forum and China (Jinhua)-Tanzania Trade and Investment Promotion Conference in Dar es Salaam, Tanzania, on March 27, 2024. [Xinhua]

China has emerged as a leading source of foreign direct investment (FDI) in Tanzania, significantly contributing to the country's development, officials said Wednesday.

The remarks were made at the closing session of a one-day China-Tanzania Investment Forum and China (Jinhua)-Tanzania Trade and Investment Promotion Conference in the port city of Dar es Salaam.

Tausi Kida, the permanent secretary in the President's Office responsible for Planning and Investment, said that from January 2021 to December 2023, the Tanzania Investment Center registered 256 Chinese projects worth about 2.5 billion U.S. dollars. The top five sectors for these projects were manufacturing, commercial building, agriculture, transportation and services.

Tanzania has made significant strides in improving the investment climate culminating in tangible achievements, including the attraction of more than 11 billion U.S. dollars in projects led by Chinese investments, creating more than 114,726 jobs, said Angelina Ngalula, chairperson of the Tanzania Private Sector Foundation.

Chinese Ambassador to Tanzania Chen Mingjian commended the Tanzanian government's determination and proactive measures in attracting investment and promoting economic development. "We are confident in Tanzania's future development prospects."

Zhu Chonglie, secretary of the Communist Party of China Jinhua Municipal Committee, emphasized the traditionally friendly relations between China and Tanzania. He said that the forum aimed to contribute to building a closer high-level China-Africa community with a shared future.

In closing the forum, Tanzanian Vice President Philip Mpango highlighted China's long-standing role as a leading strategic investor and major trading partner of Tanzania. He noted that the growing FDI and trade indicate that Tanzania is a rewarding investment destination for Chinese investors.

During the forum, four memoranda of understanding were signed between Chinese and Tanzanian enterprises, as well as between Chinese and Tanzanian public institutions.