Dar es Salaam. The Chinese investment in the country mounted to $2.5 billion as of May 2017, Finance and Planning Minister Philip Mpango has said.
Dr Mpango said this on Monday as he was officiating a conference themed ‘High Level Thinkers' Dialogue on Development Cooperation between Tanzania and China: Focusing on Investment and Trade’.
Organised by the Economic and Social Research Foundation (ESRF), the conference brought together thinkers from Tanzania and China to discuss things related to trade and investment.
"Chinese investment in various projects in Tanzania has increased from $282 million in 2011 to $2.5 billion. This is commendable indeed," noted Dr Mpango. Despite those investments, trade of balance was in favor of China due to composition of trade.
While China was exporting to Tanzania manufactured goods, Tanzania was exporting unprocessed products like gold and tobacco, of which could not have the same value as final products.
He said there was a need to design new strategies of cooperation between the two countries that would provide room for addressing economic challenges that the country was facing.
We should find clear strategies that direct China where to invest, noted Dr Mpango. "We need to have a win-win cooperation between the two countries, if we are to put in place favorable terms of trade and balance of payment."