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In his speech during his meeting with President Samia Suluhu Hassan on 4th September 2024, at the Beijing FOCAC Summit, President Xi Jinping said that his country was ready to work with Tanzania and make it a demonstration zone for deepening China-Africa high-quality cooperation under the Belt and Road Initiative (BRI).
President Samia Suluhu Hassan’s government in Tanzania is currently implementing several projects that need heavy investments. Tanzania is tapping resources from abroad both from the west and the east.
China is one of the largest investors in the East African country. Analysts, quoting government sources say that China has proven to be a reliable partner that can provide large-scale loans without setting stringent conditions. It has been providing large loans as well as financing the construction of strategic projects that have helped reduce the infrastructure gap and stimulate economic development in African countries, particularly in the infrastructure sector.
By recognizing Tanzania’s great need for infrastructure, industrialization, agricultural modernization, etc, China has expressed willingness to facilitate access to funds for infrastructure construction. In his speech during his meeting with President Samia Suluhu Hassan on 4th September 2024, at the Beijing FOCAC Summit, President Xi Jinping said that his country was ready to work with Tanzania and make it a demonstration zone for deepening China-Africa high-quality cooperation under the Belt and Road Initiative (BRI). President Xi also promised that China will work with Tanzania to advance and deepen the China-Tanzania comprehensive strategic cooperative partnership to make the relationship more beneficial for both sides.
The construction of Bagamoyo Port is a mega project that is on the government table. According to economists, the implementation of this project is crucial and must be given priority, as it will increase the amount of cargo, including reducing freight transport costs. Other benefits that will result from the Bagamoyo port include job creation, an increase in government revenue, and investment stimulation.
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Currently, China is the largest investor in Tanzania and the number one trading partner. According to the TIC report, up to June 2024, China’s investment in the country had reached USD11.5 billion, making it the largest investor and source of DFIs in the country.
