Firm to build 3 centres in TZ

Industry, Trade and Investment minister Charles Mwijage (third right), Chinese ambassador to Tanzania Wang Ke (third left), the CNBM Tanzania Distribution Centre board chairman, Dr Song Zhiping (centre) and company officials take part in a ceremony to lay the foundation stone for the construction of CNBM three distribution centres in Dar es Salaam yesterday. PHOTO | COURTESY

What you need to know:

CNBM Tanzania Distribution Centre, which has investment of $75 million (about Sh168 billion) and about a turnover up to $300 million (about Sh672 billion), will effectively boost logistics, tax revenue and job creation in Tanzania, according to the company’s chairman, Dr Song Zhiping.

Dar es Salaam. A Chinese building material company plans to build three distribution centres in Tanzania in the coming three years as it seeks to grab the market and capitalise on high growth rates, The Citizen has learnt.

CNBM Tanzania Distribution Centre, which has investment of $75 million (about Sh168 billion) and about a turnover up to $300 million (about Sh672 billion), will effectively boost logistics, tax revenue and job creation in Tanzania, according to the company’s chairman, Dr Song Zhiping.

“Through the investment, the company will create 200-300 employment opportunities in Tanzania,” noted Mr Zhiping.

Chinese ambassador to Tanzania Wang Ke said the Chinese companies were attracted by a good environment for investments in the country, of which leveraged on a fast growing economy and a large local market.

“Tanzania is a major country in East Africa with unique advantages for development. Since President John Magufuli came into power, the government has set up the national goals of developing infrastructure to promote investment and industrialisation,” noted the ambassador.

Going by statistics from the Tanzania Investment Centre (TIC), according to her, China has become the biggest source of foreign direct investment for Tanzania with the total volume of more than $5.7 billion (Sh12.8 trillion).

Minister of Industry, Trade and Investment Charles Mwijage commended the CNBM’s move, vowing to provide an enabling environment for investments.

He pointed out that the company was a very effective international company, with leading technology and advanced management.

“I will not tolerate any government official, who will create unnecessary bureaucracy to investors. I wish investors to offer more choices and convenience to Tanzania,” noted Mr Mwijage.