Chinese investment in Tanzania hit $1.8 billion in a decade

Dar es Salaam. China has invested in Tanzania projects worth $1.8 billion in the 10 years since President Xi Jinping’s last visit to Tanzania

Tanzania Investment Center (TIC) executive director Mr Gilead Teri said that Chinese investment has been of great impact to the country in terms of trade investment, job creation and relationship.

“For the past 10 years, China has registered 1,908 projects worth $1.6 billion in the mainland and 15 projects in Zanzibar worth $220 million,” he said.

He made the remarks at a symposium marking the 10th anniversary of President Xi Jinping visit to Tanzania.

 Mr Teri mentioned some areas that China has invested in over the years being manufacturing, tourism and agriculture among many others.

He was optimistic that the government would increase the budget to enable China and other investors to increase the investment in Tanzania.

China’s ambassador to Tanzania Chen Mingjian explained that China-Tanzania pragmatic cooperation has maintained a momentum of growth over the past decade.

“We have remained Tanzania’s largest trading partner and largest source of foreign investment for years. In 2022, the trade volume between two countries increased by 23.7 per cent year by year reaching $83.1 billion which is 35 times that of 2012,” she said.

 According to her, by the end of 2022, China’s direct investment stock in Tanzania was 2.5 times that of 2012.

Speaking at the event, Sinotan Industrial park chairman Mr Jason Huang said conducive policies of the country are attracting them to invest in Tanzania.

“We are optimistic that the industrial park will be completed within the five year term of President Samia Suluhu Hassan. Therefore, Chinese investors should come and invest in Tanzania and we are happy that the relationship is growing stronger and stronger,” he said.