Tanzania eyes 100,000 jobs from the new $3 billion investment
What you need to know:
- Dr Kijaji said the government had revived discussions with the investors in the Bagamoyo Special Economic Zone which will see the development of the sea port and logistics park.
Dar es Salaam. The government is eyeing to increase the number of large industries by nearly 12-fold come 2025 as it implements a new industrial scheme that is expected to employ 100,000 people directly.
According to Investment, Industry and Trade Minister Ashatu Kijaji, Tanzania has 618 large-scale industries but only 41 of them can employ over 500 people each.
However, the number is expected to increase to 541 come 2025.
Tabling the ministry’s budget for 2022/23 in Parliament, Dr Kijaji said a Chinese company, Sino Tan Kibaha Industrial Park Limited, is developing a $3 billion investment in the Coast Region.
“The development of the project has already started and its first phase will complete in 2024,” she told the National Assembly in Dodoma yesterday.
“The investment will make Tanzania a hub for industrial products in the African common market,” she added.
The industrial park will house manufacturing factories for garments, electric equipment, building materials and pharmaceuticals among other products.
Dr Kijaji said the industries being developed in a 2,500-hectare area will create 100,000 direct jobs and 300,000 other indirect jobs while producing goods worth around $6 billion every year.
In another development, Dr Kijaji said the government was considering to introduce the Trade Remedies Act of 2022 as part of efforts to improve Tanzania’s business environment.
The law seeks to strengthen protection of traders that includes resolving unfair trade practices.
The new law is aimed at protecting local traders and industries by regulating mass importation of goods and restricting sell of goods at a relatively cheap price against that in the country of origin.
The new planned legislation highlights measures and actions against subsidized products which are being imported into the local market to compete with non-subsidized domestic products.
Bagamoyo port
Dr Kijaji said the government had revived discussions with the investors in the Bagamoyo Special Economic Zone which will see the development of the sea port and logistics park.
The investors include China Merchants Holdings (International) Co Ltd (CMHI) and Oman Investment Authority (OIA).
