THE Tanzania Investment Centre (TIC) has signed agreements to lease 30,000 hectares of Mkulazi farms in Morogoro Region, to three companies for the production of sugar, soybeans and yellow corn with an investment pegged at 1.2trn/-.

Gilead Teri, the TIC executive director, signed the agreements with the companies, witnessed by the Planning and Investment state minister Prof Kitila Mkumbo, Agriculture minister Hussein Bashe and Exaud Kigahe, the Industry and Trade deputy minister.

The director said that the agreements are the first major agro-sector since economic reform started nearly 40 years ago, as part of implementation of the Mkulazi agricultural complex plan.

The companies will make a large investment in the cultivation of sugarcane for sugar production along with soybeans and yellow corn basically for export, he said, noting that the firms have each been allocated 10,000 hectares.

"This signing which took place today is historic in the agricultural sector,” he said, noting that the landmark accord is one among fruits of the visits made by President Samia Suluhu Hassan in various countries since taking office.

He listed the companies as Long Pin, a local firm, Eagle Hills and Food Platform from China and India respectively, likely to provide 9,000 direct jobs and up to 11,000 indirect opportunities..

Prof. Mkumbo hailed TIC for negotiating the agreements, citing a distant remark by founder President Julius Nyerere who said “It is foolish to seek an industrial revolution instead of an agricultural revolution,” underlining that it is agro-sector change that can anchor meaningful change, not expecting a vast number of industries being set up by foreign investors.

"We don't make cars, we don't sell weapons, so agriculture will be the area that will bring about a revolution in industries,’ the minister noted, paying gratitude to the president for efforts to find investors in various parts of the world.

“We promise that we will monitor this investment very closely," he added.