Tanzania Attracted $1.8 Billion in FDI from China

To mark the 10th year anniversary of the visit of Chinese President XI Jinping to Tanzania, the Embassy of China and the Ministry of Foreign Affairs of Tanzania jointly held a Symposium on the China-Tanzania Ties in Dar es Salaam on 24 March 2023.

During the event, the Executive Director of the Tanzania Investment Center (TIC), Mr Gilead Teri, indicated that Chinese #FDI into Tanzania totaled USD 1.8 billion over the last decade.

Based on figures compiled, China has registered 1,908 projects worth USD 1.6 billion on the Tanzanian mainland and another 15 projects worth USD 220 million in Zanzibar. Sectors of interest are diverse and comprise Manufacturing, Agriculture, Tourism and many more.

China-Tanzania Symposium 2023

Currently, China is Tanzania’s largest trading partner with bilateral trade volume reaching USD 8.3 billion in 2022, up 23.7% from 2021. Mr Jason Huang, GM of Sinotan #SEZ, pointed out the Ease of Doing Business (#EDBI) in Tanzania and is confident that more Chinese firms will pick Tanzania as an investment destination.

On her part, Chinese Ambassador Mrs CHEN Mingjian described the visit of President Xi in 2013 as a turning point in the China-Tanzania relations and recalled that the Tanzania-Zambia Railway (#Tazara) as a flagship project exemplifying the deep friendship between China and Africa.

From #BRI to #GDI, Ambassador Chen believes the China-Tanzania ties are developing constructively for the mutual benefits of the two nations.