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Korean firm ready to produce power
2006-11-08 09:04:46
By Joseph Shayo, PST, Seoul
SAMSUNG, a South Korean multinational, which is headquartered in Seoul, has accepted President Jakaya Kikwete’s request to install power generating equipment at Kinyerezi, on the outskirts of Dar es Salaam.
SAMSUNG Vice-President Lee Sung-Man assured President Kikwete when they met yesterday, that his firm, in partnership with another company, KEPCO NG, would be able to generate 200 megawatts of electricity at Kinyerezi.
”We are willing to invest in power generation.
We are holding talks with KEPCO NG so that we can jointly generate 200 megawatts at the area you have proposed,” said Lee Sung-Man.
The SAMSUNG executive told the President that Tanzania enjoyed tranquility and political stability, which were factors that attracted his company to invest in the country.
He added that the firm was also eager to invest in a communication network for the education sector which would boost information dissemination and teaching of educational subjects.
SAMSUNG has also shown interest in exploitation of Tanzania’s iron and coal, so as to produce steel which has a huge demand in Korea, as it is used in ship building and production of industrial machines.
The Korean firm is also interested in having a stake in copper mining. All it needs are geological surveys so they can be analysed and an action plan prepared.
The SAMSUNG vice president told President Kikwete that he would convince some sister companies which produce plastics and fertilizer to invest in Tanzania as well.
President Kikwete assured Sung-Man that Tanzania wanted SAMSUNG to come and invest, because inspite of the conducive internal trade environment, there was also the huge East African market with 100 million people and the SADC regional block with 300 million people.
President Kikwete said that Tanzania was endowed with a lot of natural resources which were open for investment, including minerals, tourist spots, natural gas, gemstones, coal and copper.
The President directed Tanzanian ministers who were present during the talks to ensure that all reports required by the Korean firm were ready, the soonest possible.
Last week, during his visit to China, President Kikwete also received a promise from Chinese President Hu Jintao and Prime Minister Wen Jinbao that China was prepared to help Tanzania end the prevailing power shortage.
The Chinese offered to help in the production of electricity using coal at Kiwira in Mbeya Region.
Yesterday, President Kikwete opened a seminar for Tanzanian and Korean traders, as part of his efforts to woo foreign investors.
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