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Chinese VP: We'll boost investment in country's textile industry

30th June 2014
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Chinese Vice President, Li Yuanchao

Impressed by the progress of the textile industry in Tanzania, Chinese Vice President, Li Yuanchao during his last week’s visit to the country pledged increased investment by his countrymen should the industry, keep up the good work.

“Continued improved performance by the sector will help attract more Chinese investors to Tanzania for the benefit of both countries,” he said.

The high ranking diplomat was speaking during a tour of the Export Processing Zones Authority (EPZA) offices in Dar es Salaam where he was also keen to urge the Chinese business community in the country to ensure that their stay and activities here uphold the strong historical social and economic relations of the two countries.

Vice President, Li Yuanchao, toured the Chinese owned Tanzania Tooku Garments Co. Ltd that was established within one of the Export Processing Zones in Dar es Salaam in 2011 specializing in the research, development and production of garments.

“We need more Chinese investments to be a source of employment, expertise and technology transfer for this country,” said the diplomat.

“I see that the industry is thriving, this gives me proof that investors from China are coping well and doing a good job,” he commented impressed with the performance of the young factory.

At the EPZA offices, Vice President, Li Yuanchao held talks with the authority’s workers, management and government officials.

In attendance was, Minister for Trade and Industries, Dr Abdallah kigoda, who said the contribution of the industry to the country’s economy is vital and Chinese investment only service to augment it.

“This factory already employs thousands and plans are underway to see it expands and takes in even more employers,” the Minister said encouraging Vice President, Li Yuanchao to lobby for more Chinese investment in the industry.

Earlier, the EPZA Director General, Dr Adelhelm Meru urged the Chinese business community in the country to invest in Tanzania’s Export Processing Zones (EPZs) and Special Economic Zones (SEZs) to abide by the country’s strategic investment structure as specified by the government.

He said in only the last six years, Tanzania’s Export Processing Zones (EPZs) and Special Economic Zones (SEZs) have created some 32,000 employments and facilitated the creation of 118 factories and attracted capital worth USD 1.3 billion already.

While on his six day official visit to the country, among other things, the Chinese leader opened a business forum attended by stakeholders from both countries with representatives of over 100 Chinese companies and 120 Tanzanian companies.

Notably, in the country, there are so far 522 investment projects from China representing a total value of USD 2.4 billion and which are also expected to create some 77,335 employments for Tanzanians. 

SOURCE: THE GUARDIAN