“We will grow an industrial city that will have many investment projects in it, and government efforts will now be directed at putting in place the necessary infrastructure to facilitate that initiative,” she said.
According to the President, the government is set to address all infrastructural challenges, including ensuring that there are good tarmac roads, as well as sustainable power and water supplies.
President Hassan yesterday launched an industrial project for the Egyptian multinational firm Elsewedy Electric – a result of bilateral talks that were held in Egypt with prospective investors during her 3day official visit in early November this year.
The company is a key partner with Arab Contractors, in the construction of the 2,115-MW Julius Nyerere Hydropower Station across the Rufiji River in Morogoro Region.
According to the company’s president and chief executive officer Mr Ahmed El Sewedy, there is a high appetite among potential Egyptian investors in Tanzania which is mainly fuelled by the country’s positive investment and business climate.
Mr El Sewedy said the promising conducive business environment is one of the reasons why they want to transform the Kigamboni area into an industrial park, a big industrial city.
“We plan to increase our investment inflows – and, in the coming year, you’ll start to see huge changes in business relations between Tanzania and Egypt,” he said.
Elsewedy Electric already plans to invest $200 million in the 1st phase, whereby 100 manufacturing industries will be established in the Kigamboni industrial space.
In recent days, Tanzania also received 111 investors from Egypt, 40 of whom were from big multinational companies, according to the Minister of the State in the Prime Minister’s Office (Investments), Mr Geoffrey Mwambe.
He said the group had already held meetings with the ministry’s technical team to discuss investment opportunities in different sectors such as energy and manufacturing.
“For instance, during the talks, the Elsewedy Electric pledged to increase their investments in Tanzania by establishing another seven industrial projects valued at $3 billion,” said Mwambe.
According to the minister, businesses from this group of investors will all be directed to the proposed Kigamboni industrial city.
Official data shows that bilateral trade between the 2 countries rose to Sh87.3 billion in 2020, from Sh84.3 billion in 2018.