Pakistani investors eye Tanzania’s construction industry
InformAfrica gathered that Pakistani investors eyeing Tanzania’s construction industry have opened a cement factory in the East African country. The Pakistan investors also established that Tanzania was a suitable place for investment in different fields due to its political and environment stability.
Information gathered via IPPMedia reports that Pakistani investors are keen to invest in Tanzania’s construction industry by opening up a cement factory, the country’s envoy has said.
Tajammul Altaf the Pakistan High Commissioner to Tanzania, told journalists during celebrations to mark 66 years of his country’s independence yesterday that they were attracted by the country’s investment climate.
He said investors from Pakistan have established that Tanzania was a suitable place for investment in different fields because of its political and environment stability.
“I am very sure and optimistic that more Pakistani investors will be given opportunities to invest in this country,” said the envoy.
He noted that Tanzania has been cited as among the best African destinations for investors seeking different opportunities. Altaf said 35 investors from Pakistan visited the country looking for opportunities in the areas of manufactures and cement production.
He said the investors identified cement as one of the highly demanded commodities in the country.
“Cement from Pakistan has been doing well in the Tanzanian market. It is being sold more cheaply than the one produced in Tanzania. That is the reason Pakistani investors saw the need to invest in that field.”
He said trade between the two countries has grown and was recently put at USD 75m compared to USD 50 previously, and that it is expected to increase to USD100m by 2015.
The envoy challenged the Tanzania Investment Centre (TIC) and the Ministry of Industries and Trade to work on the challenges, and improve the investment climate.