BAGAMOYO: THE transformation of the Bagamoyo Eco Maritime City as the heartbeat of the country’s industrialisation is in top gear with the Sinovest Industry Investment Limited expected to commence operations by the end of the incoming month (June), producing high-end clothes for export to Europe and the United States of America (USA).
The Sinovest manufacturing project worth over 500 million US dollars (more than 1.3tri/-) aims at venturing in the entire value chain of cloth production by constructing 15 factories, aligning the country’s industrial trajectory with the National Development Vision 2050 which intends to create a trillion-dollar economy.
The Sinovest Industry Investment Limited project covers 21 hectares in Bagamoyo.
Speaking shortly after inspecting the project on Saturday in Coast Region, Chairperson of the Parliamentary Standing Committee on Administration, Constitution and Legal Affairs, Dr Damas Ndumbaro said he was impressed with progress of the multi-billion-shilling project that highlights readiness of the private sector to drive the Vision 2050.
Under the Dira 2050 the government intends to see the private sector contributing to its achievements by 70 per cent, through implementation of key aspirations including building modern industries.
Dr Ndumbaro said the Sinovest project will be instrumental in creating about 1,000 direct jobs for Tanzanians at its initial phase with future plans being hiring up to 5,000 people thereby supporting government efforts in addressing the persisting unemployment challenge.
“We expect all these employees will contribute in building the national economy. We will generate revenues, boost income of the host community and attract other investors in key sectors such as logistics, health, food and energy,” Dr Ndumbaro said.
Adding “with this project we see ourselves moving forward towards realisation of the Dira 2050. This mega investment is a reality that we witness through our eyes,”
Furthermore, he said the project will boost Tanzania’s exports to the international markets including Europe and USA in which the East African country will generate enough foreign currencies to fund other government development priorities
He said also the project will generate considerable revenues to Tanzania through taxes.
To cotton farmers and processing industries across the country, Dr Ndumbaro said project brings a stable market for them by using their products as raw materials to produce final goods for consumers within and beyond the country.
He assured the investors of government support including ensuring effective supply of electricity to power the industries.
Moreover, Dr Ndumbaro commended the Tanzania Investment and Special Economic Zones Authority (TISEZA) for continuing to attract strategic manufacturers who are key in making the country realizes the trillion-dollar economy and the upper middle income.
He assured TISEZA of collaborative efforts in ensuring all 9,800 hectares of the Bagamoyo Eco-Martime City are occupied by investors.
Above all, Dr Ndumbaro said the visit of the parliamentary committee enabled legislators to familiarize with the progress of the Bagamoyo Eco-Martime City and ensures its requirements including electricity supply are made as inputs in the upcoming finance bill for the 2026/2027 Fiscal Year.
For his part, Tanzania Project Manager of the Sinovest Industry Investment Limited, Mr Vitus Mkinga told the ‘Daily News’ that their industries will focus on t-shirts and jeans manufacturing and diversify to other clothes overtime in response to the market demand.
Regarding job creation, he said already over 150 Tanzanians have underwent basic trainings on cloth manufacturing and the recruitment continues to reach the commencement workforce’s demand of 1,000 people.
Earlier, TISEZA’s General Director Mr Gilead Teri described the Eco-Martime City as the principal flagship Special Economic Zone (SEZ) designed to drive the Dira 2050 industrialisation agenda by providing to investor friendly environment with incentives and supportive economic infrastructures including roads, ports and railways and power.
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Mr Teri said the land for investors at the SEZ is issued at lease agreement of a 33-year timeframe.
He said the cloth manufacturing project is the outcome of the TISEZA’s overseas investment promotion missions through business tours in Asia including China.
“We have been undertaking very aggressive efforts to attract investors and we will continue,” Mr Teri said.
He hinted that others over 20 investors have been already approved to invest at the Bagamoyo SEZ.