THE Tanzania Investment Centre (TIC) has opened an investment liaison office in the Chinese province of Hunan, expected to serve as a gateway for investment flows into the country.

A TIC statement said at the weekend that Gilead Teri, its executive director, said at the launching ceremony that the opening of the platform marks the beginning of a concerted effort to attract more investment from China.

Its primary focus is to promote investment opportunities and attract Chinese capital, he said at an event which brought together over 150 company officials, enabling the TIC CEO to express confidence that more Chinese investors will be setting foot in the near future.

The TIC and ministerial team then visited s number of industries in the area, seeking possibilities of their setting up similar activities in Tanzania, an initiative seen as a strategic move to attract investments.

Efforts to enhance Chinese investments in Tanzania took a higher note following the visit of President Samia Suluhu Hassan to the Forum on China-Africa Cooperation (FOCAC) summit, where President Xi Jinping pledged $10bn in investments support for Africa.

The funds will be channelled through a special programme designed to boost Chinese investments across the continent, officials said.

Prof. Kitila Mkumbo, the Planning and Investment state minister, urged TIC to develop a strategy enabling up to a third of this projected investment, pegged at $3bn, finds its way to Tanzania-related ventures.

Ali Mohamed Mwinyi, the consul general overseeing local interests in the regional investment hub, presided at the launch, stressing the focus in the zone of promoting investments in Africa.

China is a leading source of foreign direct investment (FDI) in Tanzania, with data showing that from January 2021 to December 2023, TIC registered 256 Chinese projects billed at $2.5m.

Manufacturing led the pack followed by commercial building, agriculture, transportation and trading services, the TIC noted in the report, underlining that the country has made strides in improving the investment climate. 

This has culminated in tangible achievements, including attracting more than $11bn in projects led by Chinese investments creating an estimated 114,726 jobs, it added.