Sino-Tanzania trade reaches 4.6 billion USD

TANZANIA and China trade volume is hovering around 4.6 billion US dollars annually, as both countries pledge to keep their trade and investment doors open.

The Beijing’s Embassy in Dar es Salaam said yesterday they will continue wooing Chinese investors to the country in a bid to increase trade volume between the two countries.

“We will continue to invite our investors to come and invest in Tanzania due to the fact that there is a conducive business environment,” China Embassy Chief Commercial Representative Lin Zhiyong said.

Mr Lin said yesterday that at the moment figures showed that China investment to Tanzania has gone up by over 40 per cent from 7.0 billion US dollars to current 10 billion US dollars.

Mr Lin was speaking at the one day workshop organised jointly by the Association of Tanzania Employers (ATE) with the Chinese business community on the importance of the Chinese to understand laws, business environment, working and residence permits procedures to improve their working relations with government agencies.

He said that Tanzania is a unique business and investment destination eyeing to reach a middle income country while championing to the industrialization economy that target to fight against unemployment and poverty.

Mr Lin added that the workshop came timely for the Chinese business community so as they understand working regulation, revenues and other appropriate measures that should be taken by them to avoid violating the laws.

ATE, Executive Director Dr Aggrey Mlimuka said that the workshop focused on improving cooperation and relations between Chinese investors and businesspeople community with the government agencies such as labour office under the Prime Minister office, migration department and other relevant stakeholders.

He said that the government is working closely with the Chinese government in enhancing bilateral cooperation that will improve business environment that attract more foreign direct investment from China.

“The government has reiterated that it will continue with the fight against bureaucracy in issuing investment and working permits to foster the industrialisation drive championed by President (John) Magufuli.”

Dr Mlimuka noted that during the last meeting with the government, the Minister of Trade and Industry, Charles Mwijage vowed to find ways to reduce pressure from multiple regulators that seem disturbing investors while discourage businesses.

He underscored that the association will ensure that the relations between the government, employers and workers continue to improve in the process of supporting the industrialisation drive in the country.

Janson Huang, Chairman of Chinese Business Chamber of Tanzania has hailed the government in its efforts in reducing the red tape system that hinder most of foreign investors in running their business in the country.

He commended the government in its industrialisation drive that seeks to uplift people from extreme poverty while fuelling employment to majority.