Tanzania is expected to earn over $23million in export of processed and ready made goods per year, thanks to new investors. The Export Processing Zone Authority (EPZA) said it has received six investors with capital valued at $17million.
The EPZA's Director General, Dr. Adelhelm Meru, last week, told East African Business Week the six investors will be able to create over 720 jobs when operations begin.
Three of the six companies have invested in the agro-processing, two firms will set up plants to assemble agricultural equipment and the rest will be working to add value of the cash crops such as cocoa, tea and coffee.
Dr Meru said: "The six companies have invested in agro-processing, an assembling plant, a welding plant and adding value of the cash crops."
He said that all countries that have achieved significant development have a strong base of industries and that Tanzania should follow suit. He promised to continue supporting and facilitating inventors toward their success.
"We cannot achieve and grow our economy without having enough industries. The industrial sector in this country is one of our top priorities," he said.
He noted that Tanzania mainly exports raw materials and in the process makes loses. We become a market of your own products. The investors will help to solve the problem."
He appreciated the fact that some companies will be operating outside Dar es Salaam, which is good for the development of the country.
He said even local investors have the capacity to be active players in building their economy and encouraged others to emulate them.
The six companies are Kokoa Kamili Ltd, Rift Valley Tea Ltd, Mambo Coffee Ltd, Sheikh Motors Ltd, Afriweld Industries Ltd and Tanzania Macenta Co Ltd.
Two of the six companies are owned by United Kingdom (UK) and United States of America (USA) investors; two companies are joint ventures of Tanzanian investors and Ukraine while the comprises Tanzanian and Indian investors. The remaining two are wholly owned by Tanzanians.
The EPZA which has recorded a total of 81 investors with capital ranging $1 billion has so far created 31,000 employments.
