Tanzania is set to strengthen its position as a leading mining investment destination in Africa after securing a major investment from China's Oriental Casting and Forging Ltd, a global manufacturer of steel grinding balls and other mining consumables.
The investment was discussed during a meeting between Tanzania's Minister for Minerals, Hon. Anthony Mavunde, and the company's Chairman and Chief Executive Officer, Mr. Hou Songcun, in Dar es Salaam on Tuesday.
According to Minister Mavunde, the company plans to establish a large-scale manufacturing plant at the Buzwagi Special Economic Zone in Kahama District, Shinyanga Region. The factory will produce steel grinding balls and other essential mining products to serve both Tanzania's growing mining industry and regional markets across Africa.
He said the investment aligns with the Government's industrialisation agenda under President Dr. Samia Suluhu Hassan, which seeks to promote local manufacturing, reduce dependence on imported mining supplies and create more employment opportunities.
"Our objective is to ensure that mining companies operating in Tanzania can access high-quality mining products manufactured locally. This investment will not only strengthen our mining value chain but also position Tanzania as a regional hub for mining equipment manufacturing and distribution," Mavunde said.
The Minister added that the Government remains committed to creating a favourable investment climate by providing strategic industrial zones and supportive policies that attract both local and international investors.
Speaking after the meeting, Mr. Hou Songcun said Oriental Casting and Forging Ltd is ready to make a significant investment in Tanzania, citing the country's stable investment environment, growing mining sector and investor-friendly policies.
He noted that Tanzania offers enormous opportunities for industrial growth and said the planned factory will improve the availability of quality mining products while enhancing supply efficiency for mining companies operating across the region.
The investment is expected to boost local manufacturing, create jobs, promote technology transfer and reinforce Tanzania's ambition of becoming one of Africa's leading centres for mining equipment production.
No comments:
Post a Comment