East Africa’s Commercial and Logistics Center to offer trade, investment opportunities

East Africa Commercial and Logistics Center is expected to open in Tanzania’s capital city, Dar es Salaam, in June 2024, providing trade and investment opportunities for the public.

Speaking at the 47th International Trade Fair that was recently held in Tanzania, Executive Director at Taikang Asset Management, Cathy Wang, said that to facilitate and add vitality to the 2024 trade fair, the venue will be devoted to contributing Chinese experience to the industrialization of Tanzania, promoting sustainable development, expanding opportunities, and addressing related challenges for both China and Tanzania.

“The national foreign investment strategy of China is trade first, investment follows [whereby] export trade plays a leading role in manufacturing investment projects through trade expansion channels,” she said, adding that it is made possible, in part, by their unwavering commitment to facilitating Chinese enterprises to enter Africa and enhancing the economic and trade exchanges and cooperation with Tanzania.

The East Africa Commercial and Logistics Center is a reflection of that commitment, Wang noted, adding that construction of factories can be started when the market is relevantly mature. Meanwhile, the Deputy Minister of Investment, Industry, and Trade Exaud Kigahesaid said the 47th International Trade Fair was an opportunity for Tanzanians to build networks with Chinese companies and do business with them.

“We should have a close network with them to learn new technologies,” he said. He also noted that rather than needing to fly to China, the Chinese might establish businesses here and manufacture goods locally. In order for Tanzania’s economy to expand, he claimed, Tanzania should be the key to East Africa and Central Africa.