French firms unveil 9.7tri/-  investments plan for TZ

French firms unveil 9.7tri/- investments plan for TZ

FRENCH private and public investment commitments in Tanzania over the next five years is projected to represent up to 4.2 billion dollars (approximately 9.7trl/-) as Paris seeks to position itself as the major European nation investor in the country.

Ambassador of France to Tanzania Nabil Hajlaoui said that yesterday in Dar es Salaam, ahead of the business summit between the visiting French businesspersons and their Tanzanian counterparts, stressing that his country is keen in partnering with the Dar es Salaam in modernization and industrialization objectives.

The mission by the French investors follows visits of President Samia Suluhu Hassan to France in February this year and that of French Minister Delegate-incharge of Foreign Trade and Economic Attractiveness, Mr Franck Riester, in Tanzania, last year.

“The visit of the delegation is motivated by the keen interest of French companies for Tanzania, a country which, due to its dynamic growth and political stability, offers significant development prospects for French expertise.

“These opportunities are all more promising as the country is working to restore a business climate conducive to foreign investors,” the envoy said . The number of French establishments in Tanzania has more than tripled from 12 companies in 2019 to 40 companies by this year.

The French presence has, therefore, expanded but also diversified with regard to the growing number of small and medium enterprises and intermediate size enterprises.

Elaborating, he noted that the expansion has been supported by the regional office of Business France and the growing volume of Bpifrance in the country, as well as the impressive growth of the Franco-Tanzanian Chamber of Commerce, which now has 40 members, including several major international groups. Bpifrance is a French public investment bank.

It is a joint venture of two public entities namely the Caisse des dépôts et consignations and EPIC BPI-Groupe, formerly EPIC OSEO. The former subsidiary of EPIC OSEO, OSEO S.A., became a subsidiary of Bpifrance.

During her meeting with the French business community in Paris on February 14 during her trip to France, President Samia insisted on the government’s “pro business” reforms and invited French companies to come to Tanzania.

“Three months after this invitation, French companies responded massively to this call, and had the honour of meeting the President in Dar es Salaam (on Monday) to inform her of the progress of their projects,” further said the ambassador.

Elaborating, he explained further that French companies have also positioned themselves in areas such as maritime transport including development of Bagamoyo Port project, water and sanitation projects.

He cited other areas as telecoms, including the recent launch by Eutelsat of its broadband satellite internet service via its subsidiary Konnect Broadband Tanzania.

Eutelsat S.A. is a French satellite operator providing coverage in European continent, the Middle East, Africa, Asia and the Americas, and t is the world’s third-largest satellite operator in terms of revenues.

In the health sector, investments will be made in setting up a hospital in the capital city of Dodoma as well as support for cancer centers throughout the country.

Since Monday, 40 French companies led by French public and private organizations namely Bpifrance, Business France and MEDEF International in addition to experts in various sectors such as transport, energy, water treatment, agro-processing and health are carrying out a business mission in Tanzania.

The business mission aims at meeting the Tanzanian public and private ecosystem to meet market needs. France, which currently holds the presidency of the European Union, also intends to help Tanzania to mobilize European partnership instruments, such as the Global Gateway initiative of up to €300 billion (about 720trl/-) in investments in order to provide the country quality and sustainable infrastructure.

French companies are thus mobilizing in Tanzania alongside Tanzanian partners in a long-term strategy and actively contributing to the socio-economic progress of the country. They have proven their reliability by maintaining their projects and investments in the country despite the crisis linked to the Covid-19 pandemic.

These projects include distribution and generation of energy with groups such as Engie, Total Energies and Maurel & Prom, transport and logistics, such as the partnership with airplane manufacturers, Airbus. Other envisaged projects include renovation of Terminal 2 at the Julius Nyerere International Airport (JNIA) in Dar es Salaam by French company, Bouygues Bâtiment International.

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Author: DAILY NEWS Reporter

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