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In the 10 years following President Xi Jinping's previous visit to Tanzania, China has invested in projects in Tanzania totaling $1.8 billion.
Chinese investment has had a significant influence on the nation in terms of trade investment, job creation, and relationships, according to Mr. Gilead Teri, executive director of the Tanzania Investment Center (TIC). “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 said that during a conference commemorating President Xi Jinping's visit to Tanzania ten years ago. Mr. Teri listed a number of industries China has invested in throughout the years, including manufacturing, tourism, and agriculture. He had high hopes that the government would boost its spending so that China and other investors may invest more money in Tanzania.
According to Chen Mingjian, China's ambassador to Tanzania, a pragmatic collaboration between the two countries has continued to flourish over the past ten years.
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“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% year by year reaching $83.1 billion which is 35 times that of 2012,” she said.
She also noted that by the end of 2022, China’s direct investment stock in Tanzania is 2.5 times that of 2012.
Mr. Jason Huang, the chairman of Sinotan Industrial Park, also spoke at the occasion. He said that Tanzania's favorable policies were drawing investors there.
“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.
Tanzania is fast becoming a booming investment destination, as its investment portfolio continues to grow under the leadership of President Samia Hassan Suluhu.