Hongwang Pledges $3B Investment in Bagamoyo Eco Maritime City
On 9 April 2026, Hongwang Tanzania signed an agreement with the Tanzania Investment and Special Economic Zones Authority (TISEZA) to develop the Bogamoyo Eco Maritime City (BEMC) Project, a Special Economic Zone (SEZ) attached to the seaport of #Bagamoyo. According to the Agreement, the Hongwang Holding Group, parent of Hongwang Tanzania, pledges to invest nearly USD 3 billion into the Project.
The Bagamoyo Eco Maritime City covers 500 hectares of prime coastal real estate. Its master plan includes a government administrative center and an industrial park as outlined in the Tanzania Vision 2050 (#Vision2050TZ) roadmap.
Initially, Hongwang will use part of the funds to develop the necessary supporting infrastructure for the #SEZ, such as roads, water, drains, electricity, street lighting, and internet.
The term of the lease is for 33 years, and is extensible subject to satisfactory performance. Based on the proposal by Hongwang, it plans to attract some 150 companies to the SEZ. The initial target is to create 5,000 jobs for Tanzanians. The targeted industries include truck, car and motorcycle assembly, fishing boat construction, and production of advanced building materials. In line with the ecological branding of the SEZ, the developer will promote the use of solar power solutions.
The current Tanzanian government has sought to clearly delineate the new Bagamoyo Eco Maritime City from the previous failed Bagamoyo Port project, which was a port funded by sovereign debt. The Bagamoyo Port project presented a 99-year lease and its cost was exorbitantly high at USD 10 billion.
In this case, the debt burden and operational management have been shifted to a private company. As part of the due diligence, the Tanzanian government noted that Hongwang is ranked as the 228th largest manufacturing firm in China, and thus possesses both the financial and technical ability to undertake such a project.
TISEZA has even set up an ‘aggressively optimistic’ goal for the Project to become operational by the end of 2026. During March 2026, Tanzania even undertook a roadshow in various cities across China in a bid to boost investments. The first factory would probably be a truck assembly factory. To make it happen, the Government of Tanzania has pledged to process all necessary permits in an efficient and transparent manner.