A few days ago an Egyptian delegation of 111 investors arrived in Dar es Salaam, Tanzania to explore investment opportunities and discuss bilateral projects and the benefits the collaboration could have.
Among other things, the delegation led by Asem El-Gazzar, Egypt’s Minister of Housing and Urban Utilities, the Ambassador of Egypt in Tanzania, Mohamed Jaber Abu El Wafaa, and the CEO of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdelwahab and 50 other Egyptian businessmen and investors were present as President Samia Suluhu Hassan inaugurated Egypt’s multinational electrical company Elsewedy Electric regional center in Kigamboni, Dar es Salaam.
The inaugurated center will focus on manufacturing and exportation of electrical supplies such as cables, electrical insulators, meters, generators, transformers, and wires, opening doors for international trade affairs for Tanzania while enhancing joint economic cooperation between Egypt and Tanzania.
The first of its kind factory in Sub-Saharan Africa is said to have the capacity to produce 15, 000km of wire, 1,500 transformers and 100, 000 electric meters per annum.
Tanzania Minister of State in Prime Minister’s Office (investment) Geoffrey Mwambe along with Minister of Energy, January Makamba met with the Egyptians to secure the deals.
Elsewedy Electric President and CEO Ahmed El Sewedy said “Tanzania’s favourable investment climate and its government’s support to industries enable Elsewedy Electric to use the new complex as a manufacturing and export hub at the heart of east and south Africa.
“Tanzania is suitably located bordering eight countries, six of which are nearly or completely land-locked, which makes Tanzania well-positioned to become a regional economic and transit hub,” said El Sewedy
Abiding by Tanzania’s 2025 industrialization strategy, the first phase of the investment which includes the wires and cables factory will create over 500 jobs for talented youth and technical engineers.
Elsewedy Industrial Development, the park is believed to attract over 100 investors across the region which will then create more than 50,000 jobs and attract over $400m worth of investments.