Tanzania looks for new investors to develop repossessed industries

Source: Xinhua| 2017-07-27 20:25:38|Editor: Zhou Xin
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DAR ES SALAAM, July 27 (Xinhua) -- The government of Tanzania said on Thursday it has started looking for investors to develop industries which it has repossessed from investors who abandoned them after privatization.

Charles Mwijage, the east African nation's Minister for Industries, Trade and Investment, said the government has started a process to invite serious investors, partners and markets from these countries.

"The government sold these industries to private investors with a view to developing them. But most of the industries have been abandoned," said Mwijage.

"We are going to repossess the dormant industries and hand them to serious investors from countries such as China, Vietnam and India. They can't remain idle while the government is pushing for the industrialization drive," added Mwijage.

President John Magufuli reiterated on Thursday the government's resolve to repossess privatized industries that have not been developed.

Speaking on his way from a week-long tour of Lake Zone and central regions to the commercial capital Dar es Salaam, Magufuli said all abandoned industries should be repossessed and given to serious investors.

"All abandoned industries should be repossessed even if they belonged to members of the ruling Chama Cha Mapinduzi," said the President to a tumultuous applause from his audience.

President Magufuli said on his stopover in Morogoro region, 200 kilometers from Dar es Salaam, the repossessed industries will help in achieving his government's industrial economy agenda.

Elli Pallangyo, Investment and Research Director in the Ministry of Industries, Trade and Investment, said the abandoned industries will be repossessed by August 15, this year.

Pallangyo said out of 156 industries which were privatized between 1992 and 2004, a total of 54 industries remained dormant after they were privatized.