US$3 Billion Deal for Southern Africa’s Largest Industrial Park Project signed in Tanzania
MoUs for the project signed at the 46th Dar es Salaam International Trade Fair.
Exhibitors at the recently concluded 46th Dar es Salaam International Trade Fair (DITF) signed 19 Memoranda of Understanding (MOUs) providing terms and conditions for local and foreign investors to work together. The Trade Fair was held from 28th June to 13th July 2022 at Sabasaba grounds in Dar es Salaam, Tanzania’s business capital.
Nine of the MOUs, valued at US$3 billion (approx. TSh6.9 trillion), were for the creation of the Sino-Tanzania Industrial Park. The MOUs were signed during the closure of the Trade Fair. The Tanzanian Vice President, Dr. Philip Mpango, witnessed the signing.
Tanzania Trade Development Authority (TanTrade) facilitated the project discussions for the project through the buyer and sellers forum.
The proposed Industrial Park will cover a total of 2,500 acres and create 100,000 direct employment opportunities and 300,000-400,000 indirect jobs upon completion, according to Prof Godius Kahyarara, the Permanent Secretary in the Ministry of Trade, Industry, and Investment.
Prof Kahyarara added that the the Investment, Industry and Trade ministry plans to construct industrial parks in Nala (Dodoma), Kibaha (Coast Region), and Mwanza.
A Chinese company, Sino Tan Kibaha Industrial Park Limited, will execute the scheme. The project is to be completed by 2024 and is expected to make Tanzania an African industrial products hub.
On completion, the proposed Sino-Tanzania Industrial Park will be the largest industrial park in Southern Africa. The industrial park will contain manufacturing units for pharmaceuticals and medical equipment, automotive assembly, the processing of agro products, clothing and apparel, and leather goods.
The remaining MoUs signed during the Trade Fair were for deals worth US$171 million, and focused mainly on agricultural products, including vegetables, rice, and maize.
East-West Seed Tanzania recently participated in the 46th Tanzania International Trade Fair in Dar-es-Salaam.— East-West Seed (@eastwestseed) July 20, 2022
Apart from the display of our high quality seeds and fresh produce directly from farms, our team shared agronomic techniques to over 500 smallholder farmers. pic.twitter.com/3doNUXNmsr
In his closing speech, Vice President Mpango emphasized that entrepreneurs, innovators, and traders must play an active role in bringing highly needed products like sugar and cooking oil into the local market.
The Vice President urged research institutions to study the agricultural landscape and recommend the best seeds to farmers to solve the cooking oil shortage problem prevalent in the country. He also asked public institutions and regulators to reduce bureaucracy to boost trade and investment.
Photo: Aerial View of an Industrial Park - Stock Image (Vladvitek | Dreamstime)