- Officials of five of the ten Turkish companies toured the Tanzania Investment Centre (TIC) to explore possible areas for investment.
Dar es Salaam. Ten Turkish investors have shown interest to invest in Tanzania, country’s envoy to Turkey Elizabeth Kiondo told journalists yesterday.
Officials of five of the ten Turkish companies toured the Tanzania Investment Centre (TIC) to explore possible areas for investment.
Some of the firms that have shown interest are Pedo Corporation-- a leading manufacturer of baby and adult diaper in Turkey; ERF Grup--Fan and Pomp manufacturer; and Yenler Textile--a manufacturer of curtains and home textile. Others are Compass (General trade), Compass (textile and furniture) and Compass (construction materials).
TIC’s investment promotion director John Mnali cited some of the areas which appeared to be of more interest to the investors as manufacturing and assembling of agricultural machineries. “We’re going on with discussions on other potential areas for investment,” said Mr Mnali.
He added: “We have plenty of opportunities in manufacturing, value addition in agricultural products, minerals, fisheries, livestock and forests.” Compass foreign trade director Bestami Keçeli told The Citizen on the sidelines of the meeting that they were planning to start producing here the same products they are importing into the country.
Currently, the company supplies here various products including textiles, building and construction materials, furniture, generators, kitchen and bathroom items as well as agricultural and livestock products.
He said: “To start with, we plan to invest some $20 million in equipment, staff and areas for investment in the next two years.”
In a meeting of the Turkey-Tanzania Business Council in January 2017, Turkish President Recep Tayyip Erdoğan’s highlighted the need to improve bilateral trade volume from $150 million (Sh345 billion) at the time to $250 million (Sh575 billion) during the first stage and then to $500 million (Sh1.2 trillion) later on.
In an exclusive interview with a Daily Sabah, in February this year then Turkey’s ambassador to Tanzania Ali Davutoğlu said the two had already hit the $250 million bilateral trade volume mark thanks to quickly developing economic ties.
Turkey has been cementing bilateral ties with Tanzania with new projects in the sectors of the economy, trade, railway, tourism, agriculture, industry and construction.
“I think we will reach $500 million mark in a short time,” Ambassador Davutoğlu was quoted as saying.
Kardag general manager Merve safa Güdül said with developing economic ties between the two countries, more Turkish companies would seek business opportunities in Tanzania.
“Turkey has attached importance to enhancing ties with Tanzania as this East African country has a spectacular natural habitat and a wide range of resources,” said Mr Güdül.
Export Processing Zone Authority (EPZA) assured investors of an enabling environment for investment, saying Tanzania was the best destination for investment.
Speaking during the meeting, EPZA senior investment promotion Officer Kanuti Mosha said investors wishing to invest in the Export Processing Zone will enjoy exemption on corporate tax for 10 years.
They will also be exempted from paying import duty and value added tax on capital goods, raw materials, construction materials and withholding tax on rent, dividend and interests.