EABC Praised Mengi’s Business Motives: Tanzania

The family of the late Dr Reginald Mengi was condoled by the East African Business Council (EABC), describing him as a business magnate, author and philanthropist.

The regional apex body of Private Sector Associations and Corporates from the six EAC countries further eulogised the Tanzanian billionaire as an adorable, kind, philanthropic, intelligent, mentor, and a media leader, as well as industrialist champion in the business realm.

Dr Mengi served as the EABC Board Chairman from 2008 to 2009. The EABC described the late Dr Mengi’s passing as a great loss to the East African business community, the people of East Africa and those who strongly believe in a borderless East Africa.

“His vast knowledge and experience in regional integration will always be cherished; it is our duty to follow his footsteps and vision for the growth and prosperity of the East African people,” mentioned EABC.

Dr Mengi, who is also the chairman of Confederation of Tanzania Industries (CTI), IPP Gold Ltd, passed in Dubai, United Arab Emirates.

He is also praised for having set up a media empire under the flagship brand of IPP Media, which serves Tanzania and parts of East Africa.

His death comes five months after he announced investments in IPP Automobile, a car assembly plant, and a mobile phone sector.

The billionaire signed a deal in November with a South Korean firm to establish a vehicle assembly plant at Kurasini by September 2019 in Dar es Salaam.

The $10 million plant is a joint venture between IPP Automobile Company Ltd and Y oungsan Glonet Corporation.

The carmaker targeting buyers in Tanzania, Rwanda, Kenya, Uganda, Zambia and Malawi is expected to assemble around 1,000 vehicles per year, and employ more than 1,000 people.