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Utilise opportunities arising from Sino-Tanzania ties - Nagu
Tanzania and Chinese traders have been challenged to utilise the emerging business and investment opportunities resulting from the diplomatic and trade relation between the two countries. The challenge was thrown on Wednesday evening in Dar es Salaam by Minister of State, Prime Minister's Office (Investment and Empowerment) Mary Nagu at the launch of China Desk at the CRDB Bank.
China Desk at the Ministry of Foreign Affairs and International Cooperation will help to facilitate emerging business opportunities, international trade, infrastructure projects and investment between Tanzania and China.
She said the service has great contribution in improving banking services between the Tanzanian and Chinese traders. Nagu said the country cannot meet its demands by only having resources because these same resources need to be transformed through investment.
Citing Tanzania, she said, it has abundant resources, adding that in themselves they are not enough without investment calling upon people to utilise the investment opportunities and the financial institutions to secure capitals to enable people to tap the country's resources well.
Giving the example of number of beds available in Tanzania tourist hotels, minister Nagu, said it stood at 6000 units, while the country has many national parks compared to Kenya which has 12,000 beds.
She told the Chinese investors that the doors are open for them to invest in the sector so as to promote tourism. Chinese Ambassador to Tanzania, Lu Youqing, for his part, said China and Tanzania enjoy long friendly relationships in which the two have been supporting each other.
He said that Tanzania Zambia Railway is one of the important landmarks symbolizing the Tanzania-China relations through the technical and financial support dedicated by Chinese government during the reigns of the late Mwalimu Nyerere and Chairman Mao Ze Dong.
Trade between China and Tanzania has been growing greatly whereby in 2011, the former country ranked six largest investor in Tanzania, while in 2012 it climbed to the second largest.
The ambassador said the China direct investment to Tanzania is over USD1bn and the investors have created 18,000 stable jobs. He commended the CRDB bank for establishing the China Desk which will offer a full range of banking services to Tanzanian and Chinese businesses.
The desk will also allow overcoming language and exchange rate barriers. The CRDB Managing Director Dr Charles Kimei said the desk is a result of alliance between his bank, Bank of China and HSBC Banking Corporation of Hong Kong.
He said the desk will act as a single window for banking and investment transactions between the two countries. "CRBD recognizes that trade between Tanzania and China has been growing extremely fast thus bringing the two nations and closer," Dr Kimei said.
According to Bank of Tanzania statistics, he said, Tanzania's export to China increased from 101bn/- in 2005 to 908bn/- in 2010 while imports from the Far East Asian country rose from a higher base of 245bn/- in 2005 to 1213bn/- in 2010.
There has been a win-win trade flow witnessed by a faster growth of our exports to China, though there is still deficit in favour of China, he said.
Tanzanian SME traders and producers need to make their payment to Chinese suppliers and exporters have to receive payments from Chinese importers, he said, adding that the Chinese community in Tanzania also needs financial intermediation with their counterpart in China.
"We have looked at the Chinese community in a very special segment among our customers and they mostly speak Mandarin and banks in China are also doing most of their operations in Chinese, thus there is a need to constitute a team of relationship managers who understand Chinese culture and Mandarin.
"We also expect to hire Chinese citizen to help us manage this desk with the support from our local team," Dr Kimei added.
Utilise opportunities arising from Sino-Tanzania ties - Nagu
President Kikwete receives his guest, Chinese President Xi Jinping (L), when the latter visited Tanzania on Sunday. (File photo)
Tanzania and Chinese traders have been challenged to utilise the emerging business and investment opportunities resulting from the diplomatic and trade relation between the two countries. The challenge was thrown on Wednesday evening in Dar es Salaam by Minister of State, Prime Minister's Office (Investment and Empowerment) Mary Nagu at the launch of China Desk at the CRDB Bank.
China Desk at the Ministry of Foreign Affairs and International Cooperation will help to facilitate emerging business opportunities, international trade, infrastructure projects and investment between Tanzania and China.
She said the service has great contribution in improving banking services between the Tanzanian and Chinese traders. Nagu said the country cannot meet its demands by only having resources because these same resources need to be transformed through investment.
Citing Tanzania, she said, it has abundant resources, adding that in themselves they are not enough without investment calling upon people to utilise the investment opportunities and the financial institutions to secure capitals to enable people to tap the country's resources well.
Giving the example of number of beds available in Tanzania tourist hotels, minister Nagu, said it stood at 6000 units, while the country has many national parks compared to Kenya which has 12,000 beds.
She told the Chinese investors that the doors are open for them to invest in the sector so as to promote tourism. Chinese Ambassador to Tanzania, Lu Youqing, for his part, said China and Tanzania enjoy long friendly relationships in which the two have been supporting each other.
He said that Tanzania Zambia Railway is one of the important landmarks symbolizing the Tanzania-China relations through the technical and financial support dedicated by Chinese government during the reigns of the late Mwalimu Nyerere and Chairman Mao Ze Dong.
Trade between China and Tanzania has been growing greatly whereby in 2011, the former country ranked six largest investor in Tanzania, while in 2012 it climbed to the second largest.
The ambassador said the China direct investment to Tanzania is over USD1bn and the investors have created 18,000 stable jobs. He commended the CRDB bank for establishing the China Desk which will offer a full range of banking services to Tanzanian and Chinese businesses.
The desk will also allow overcoming language and exchange rate barriers. The CRDB Managing Director Dr Charles Kimei said the desk is a result of alliance between his bank, Bank of China and HSBC Banking Corporation of Hong Kong.
He said the desk will act as a single window for banking and investment transactions between the two countries. "CRBD recognizes that trade between Tanzania and China has been growing extremely fast thus bringing the two nations and closer," Dr Kimei said.
According to Bank of Tanzania statistics, he said, Tanzania's export to China increased from 101bn/- in 2005 to 908bn/- in 2010 while imports from the Far East Asian country rose from a higher base of 245bn/- in 2005 to 1213bn/- in 2010.
There has been a win-win trade flow witnessed by a faster growth of our exports to China, though there is still deficit in favour of China, he said.
Tanzanian SME traders and producers need to make their payment to Chinese suppliers and exporters have to receive payments from Chinese importers, he said, adding that the Chinese community in Tanzania also needs financial intermediation with their counterpart in China.
"We have looked at the Chinese community in a very special segment among our customers and they mostly speak Mandarin and banks in China are also doing most of their operations in Chinese, thus there is a need to constitute a team of relationship managers who understand Chinese culture and Mandarin.
"We also expect to hire Chinese citizen to help us manage this desk with the support from our local team," Dr Kimei added.