Egyptian business moguls in Dar, eye investment opportunities

12Sep 2019
Francis Kajubi
Dar es Salaam
The Guardian
Egyptian business moguls in Dar, eye investment opportunities

A DELEGATION of 14 business executives from Egypt is in the country, exploring investment opportunities in the areas of pharmaceuticals, building materials, solar energy, industrial chemicals and engineering.

Deputy Permanent Secretary in the Ministry of Foreign Affairs and East African Cooperation, Ramadhan Mwinyi.

Welcoming the delegation in Dar es Salaam yesterday, the Deputy Permanent Secretary in the Ministry of Foreign Affairs and East African Cooperation, Ramadhan Mwinyi, said the coming of the investor is an opportunity to boost Tanzania’s economy through job creation and revenue collection.

“The value of Egypt’s exports to Tanzania was U$42million in 2018 compared to U$24million a year earlier. I therefore encourage all of you to invest in the mentioned sectors as per the government’s top priorities,” he told the visitors.

At a special dialogue that brought together the delegation with the Tanzania Private Sector Foundation, the Tanzania Chamber of Commerce, Industries and Agriculture, the Ministry of Foreign Affairs and the Egyptian Ambassador to Tanzania, members of the delegation said they are interested in investing in Tanzania.

Speaking at the dialogue, Ahmed Barakat, the AUG Pharma project director, said the company is interested in establishing a pharmaceuticals factory that will serve the East African region.

“We have started procedures to construct a pharmaceutical facility in Tanzania. We have already acquired the go-ahead at the Export Processing Zone Authority and the area to put up the factory. We expect by next in a short while to accomplish procedures with BRELA and TIC so as to begin the construction of the facility,” he affirmed.

The factory investment will cover US$50million in medical products, he said.

Mohamed Abulwafa, the Egyptian envoy to Tanzania, said Egypt-Tanzania bilateral relations have strengthened in the past two past years.

“While bilateral trade between the two countries has increased significantly, strengthened ties in knowledge and technology exchange also took place,”  he said.

For his part, the Tanzania Chamber of Commerce, Industries and Agriculture president Paul Koyi said that there were plenty of opportunities to explore in the agricultural sector, as it needs tools for its transformation, including processing industries.

“We call for more investments in the agriculture sector so that value can be added to our cash crops,” he said.

Seconding him, Zachy Mbenna, the director of membership services and policy advocacy at TPSF assured the delegation of an improved doing business environment that the government was putting in place.

“We the private sector of Tanzania welcomes you to invest in areas of your choice. The status of foreign direct investments has improved as the government has introduced substantial tax incentives for foreign investors,” he said.

Tanzania and Egypt have already signed a joint venture agreement for the construction of a massive leather and meat processing plant in the country.

The project, named Ruvu Integrated Industry, is billed to have the capacity to slaughter 1,500 cattle and 4,500 goats per day, to be run jointly by the National Ranching Co. Ltd (NARCO) and an Egyptian firm, NECAI.

The Minister for Livestock and Fisheries, Luhaga Mpina said the plantl would be located at NARCO’s Ruvu Ranch in Bagamoyo district in Coast region. It will also manufacture leather products such as shoes, belts, bags and prepare animal feed.

Once completed, the factory is expected to furnish 5,000 jobs and targets to sell processed meat via local outlets, the regional market and further afield, the minister affirmed.