According to the East Africa Regional resident director of the company Ibrahim Quamar, the factory will be constructed in Kigamboni, Dar es Salaam with its first phase planning to cost US $15 million (equivalent to 34.8bn/-). ‘’
Qamar made the remarks in Dar es Salaam during the weekend when he paid a visit and held talks with the Tanzania Investment Centre (TIC) director general Dr Maduhu Kazi.
According to him, they are expected to commence construction soon after the land acquisition procedures are completed. Upon completion, the factory will produce 115 direct jobs.
The investor hailed Tanzania for creating conducive business environment, something which attracts several investors to chip in and establish various development projects.
He said that due to various attracting policies, he has decided to invest in two major projects which will enable more electric meters, wires and transformers to be produced locally.
According to him, the improvement of laws, policies, as well as peace and stability are among the reasons which made him to come and invest in the country.
Qamar said that among the major things that many investors consider in the countries they want to invest includes good governance, protection of their capital as well as reliable markets and all these are found in Tanzania.
“The investment will be done in two phases and after completing these two projects I may invest in another factory of producing equipment and building infrastructures for solar and wind power generation,” he said.
He thanked TIC for supervising well land accessibility for the investors, something which enables smooth investment processes.
“TIC is doing a great job of making sure we (investors) have the opportunity to invest here in Tanzania, you have helped us a lot to get the land in the potential areas that we have been looking for, there were delays in getting it, but let me just say, after TIC intervened in this matter, I have seen success. The electrical factory will be producing equipment such as meters, wires and transformers,” he lamented.
For his part, Dr Kazi said that it will work closely with the investor to ensure that all the required procedures are followed and construction begins as planned.
He added that the centre serves all investors equally where he urged them to report if there are any challenges which thwarts their investments.
“President John Magufuli has done a lot to improve the business and investment
environment in the country, this has attracted several investors from various
countries who said that they feel safer investing in the country,” Dr Kazi added.
He also welcomed more local and foreign investors to invest in various potential and productive areas in the country assuring them of conducive environment and reliable supply of power.
“We have witnessed the government taking various measures just to make sure
that our investors operate in a smooth environment, in the past five years, the government has scrapped 168 taxes and levies which were thwarting business development in the country,” he said.
Elsewedy Electric is a pioneer in providing integrated energy solutions in the Middle East and Africa. The company has more than 30 facilities in 15 countries around the world