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20 German companies on investment mission

REPRESENTATIVES of 20 companies from the Federal State of Bavaria in Germany jetted into Dar es Salaam early this week, to scout for investment opportunities, the Tanzania Investment Centre( TIC ) has said.

TIC Public Relations Manager, Ms Pendo Gondwe, told the ‘Daily News’ that the investors expressed interest in investing in priority sectors that include energy, manufacturing, agriculture, oil and gas, mining, education and construction.

The visit comes less than two weeks since TIC registered a mega fertiliser project to be implemented jointly with investors from Germany and Denmark. Some two weeks ago, German investors, under a company called Ferrostal Industries Project GmbH, registered a project at TIC worth $1.9 billion (over 4trillion).

The project involving construction of a fertiliser plant at Kilwa Masoko in Lindi Region, would be implemented jointly with Danish shareholders Holdor Topsoe A/S.

The project has been registered under the name of Tanzania Mbolea and Petrochemicals Company Limited (TAMCO) in which Tanzania Petroleum Development Corporation (TPDC) also has some shares.

Speaking after a meeting with representatives of the companies in Dar es Salaam, TICE Executive Director Geoffrey Mwambes said: “We are gratefully honoured to host the German delegation from Bavaria; the German companies have shown highest level of commitment to invest in Tanzania and this highlights the highest level of confidence in our government’s policies.”

Mr Mwambes said that the delegation was just one step towards engaging German companies in realising Tanzania’s industrialisation agenda. “Germany is our ‘natural partner’ in fostering and developing ever closer business relations with the country, and we would like to continue to cooperate with its private sector organisations,”

Mr Mwambe stressed, adding: “It is our firm intention to further deepen the close relationship between the German companies and Tanzania’s private sector for better economic growth and sustainable development.”

Mr Mwambe said Tanzania needed more investors, adding that the government would continue to provide support to investors, as well as creating a more attractive investment environment.

“Governments across the world are now doing whatever they can to attract investments. If you don’t give a proper reception and assistance to foreigners wanting to invest in your country, they will certainly seek investment openings in other countries,” Mr Mwambe said.

The head of the German delegation, Mr Ulrich Konstantin Rieger, touched on the close and long time ties between the two countries, which he said the visit would be instrumental in consolidating.

He said German investors were particularly interested in long-term investments, on account of which they enjoyed support from Dutch banks. Business relations form a central part of relations between Tanzania and Germany.

TIC has so far registered 157 projects from Germany worth $ 324million, creating 14,324 jobs for locals. Tanzania has recorded remarkable economic development in recent years, with an average GDP growth of around 7 per cent, a trend that boosts investor confidence.

The fifth phase government under President John Magufuli has thrown its weight behind an industrialisation drive.