7 Turkish companies seek investment opportunities - The Citizen

7 Turkish companies seek investment opportunities

Monday November 19 2018

Foreign Affairs deputy minister Damas Ndumbaro

Foreign Affairs deputy minister Damas Ndumbaro 

By Peter Elias @TheCitizenTZ news@tz.nationmedia.com

Dar es Salaam. Tanzanians will benefit from massive investment expected to be made by seven Turkish companies that have arrived in the country to look for available opportunities.

Representatives of the companies expected to invest in building factories for production of textiles, sugar, construction equipment and agro-processing. Addressing a press conference yesterday, Foreign Affairs deputy minister Damas Ndumbaro said representatives of the companies will visit Dodoma and Simiyu regions where they will hold talks with government authorities in respective areas.

“Turkish companies have been investing in Dar es Salaam, Kagera and Mtwara regions. But, this time, they will invest in textile companies in Dodoma and Simiyu regions,” he said. Dr Ndumbaro said according to the 2017 business statistics, the balance of trade between Tanzania and Turkey was Sh8 billion for Tanzania and Sh49 billion for Turkey.

“This is extraordinary trade balance for third world countries. Most of the time, we import more than what we export, but that is different when it comes to our trade relations,” he said. According to him, Turkey imports cotton, oil seeds, tobacco and cashews and that the number of Turkish tourists has increased from 2,700 in 2012 to 9,200 in 2017.

He said Turkey has planned to increase Foreign Domestic Investment which amounted to $324 million for 48 companies that invested in Tanzania between 1990 and 2017, employing 3500 Tanzanians.

For his part, the Turkish ambassador to Tanzania, Mr Ali Davutoglu, urged Tanzanians to visit his country and tap the available investment opportunities in agricultural produce such as cotton, cashews, coffee and tobacco.