Foreign investors show interest in Tanzania market

Friday November 8 2019

By Alfred Zacharia @azacharia3 azacharia@tz.nationmedia.com

Dar es Salaam. Foreign participants at the three-day East African International Trade Exhibition in the city have shown interest to partner with their local counterparts in various ventures - saying the event has given them the opportunity to explore the market and potential partners.

A Chinese healthcare company, Secured Medical Direction SA (SMD) revealed that it was planning to start a manufacturing plant worth $6 million (about Sh13.5 billion).

SMD managing director Nsandula Sichuke told The Citizen yesterday that his company produces and supplies healthcare equipment.

“This is our first time here. We’re studying the environment before making a final decision. Three years will be enough to test the market and the environment of doing business. We have so far met some banks and prospective partners,” he said.

Tanzania’s strategic geographical location is an advantage; its population is also a plus.

ClinEast Healthcare-UK also said it is mulling on opening a subsidiary company should it find a strategic partner, according to its chairman, Prof Sherif Bahr.

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“Political stability is a key factor for businesses to thrive,” he said.

The director general of Fair Competition Commission (FCC), Dr John Mduma, assured investors on the legal and infrastructural situation of doing business.

“Tanzania is industrialising its economy. For that to happen, we need more investors,” he said.

He said bodies such as Tanzania Trade Development Authority (TanTrade), Tanzania Investment Centre (TIC) and Business Registrations and Licensing Agency (Brela) were there to facilitate investors.

Azania Group of Companies said it attended the event in a bid to secure new international markets for its products.

Group’s business developer Joel Laiser said their ambition is expand to other countries as well.

“This is a crucial opportunity for us to enter into partnerships with other like-minded foreign firms,” he said.