Chinese Investments in Tanzania Total USD 1 Billion

 Mr. Lu Youqing, the Chinese Ambassador to Tanzania stated at the recent Huawei ICT Star program for Tanzania education in Dar es Salaam that total investment of Chinese companies in Tanzania during the lasted year reached USD 1 Billion.

This makes China the second largest provider of Foreign Direct Investments to Tanzania. China was until now the 6th largest provider of FDI.

Mr Youqing underlined that such investments from China are directed to local value addition of the products, which resulted in the creation of more than 80,000 jobs and the reinforcement of the ties between Tanzania and China.

“[The Chinese ICT company] Huawei localization is not only a motivation for its future growth in this country, but also it gives a good example of how a Chinese company increases local employment, local tax collection, local skills development,” he said.

He added that “When economic crisis hit the world many global companies decreased their oversea investments […] but Chinese firms overseas […] never down sized,”.

The ‘Huawei ICT Star program for Tanzania education’ launched at the event is aimed at fostering ICT training and development in Tanzania.

Mr Bruce Zhang, Managing Director of Huawei Tanzania, said “This program will be in partnership with the government of Tanzania and it will work with students starting from primary to university level,”.