French investors eye banknotes printing facility in Dar es Salaam
By David Kisanga
French Ambassador to Tanzania, Marcel Escure ( L ) leads French business people in a meeting with board members of the Tanzania Private Sector Foundation (TPSF) in Dar es Salaam yesterday. Second right is the TPSF board chaiman, Dr Reginald Mengi. Photo: Tryphone Mweji
Tanzania may soon become the first country in East and Central Africa to have a banknotes printing machine, if the government gives a nod to the move by French investors to invest in the money printing industry.
Money printing is one of the no-go areas in Tanzania, which has not featured in areas meant for local or international investors since independence.
The French ambassador to Tanzania, Marcel Escure who led investors from his country, disclosed the planned investment project at a meeting with the Tanzania Private Sector Foundation (TPSF) in Dar es Salaam yesterday, led by its board chairman, Dr Reginald Mengi.
Ambassador Escure said money printing was among six areas where investors from France have shown interest to invest in Tanzania.
Other areas include golf courses, bread factories in every region of the country, airport facilities, oil and gas as well as sewerage purification that would be used to recycle waste water to produce manure.
Tanzania expects its gas resources to increase fivefold within the next two years if new finds in East Africa's second-biggest economy proves productive. "It is expected that Tanzania's known natural gas resources will rise to 200 trillion cubic feet by the end of 2014,” the envoy noted.
Discoveries offshore of Tanzania and Mozambique's waters have led to predictions the region could become the world's third-largest exporter of natural gas, with the country strategically located for exports to Asia.
The Ambassador didn’t give details on how much it would cost to invest in the money printing industry or when the project would take off.
Currently, East African countries print their banknotes abroad especially in Germany, the United States and Switzerland. The move indicates that there is potential in the money printing industry within the region.
The envoy further stated that French investors were in final preparations, meeting key government institutions before embarking on massive investments in the six key areas.
The TPSF Director of Policy and Advocacy, Dr Gideon Kaunda underscored that French investors are ready to invest in six projects likely to be of considerable benefit to the country.
He said the major objective of the meeting was to discuss areas of investment in the country for French investors, citing the fact that local participation would be needed for their sustainability.
Dr Kaunda described the move to invest in money printing machines as ‘amazing and crucial,’ saying that this will be a relief to the government.
Tanzania will be the third African country to have its only minting machine after Egypt and South Africa.
Dr Mengi, speaking at the meeting, made it clear that there should be local participation if the country wants to achieve sustainability in foreign investments.
“Sustainable investment must include local participation for the benefit of both parties,” Dr Mengi who is also Executive Chairman of IPP said.
He said that it is sad for foreign investors to sideline local investors, clarifying that local participation wasn’t meant to discourage foreign investors but that partnership with locals improves the climate in which foreign investment is made.
There is a need for foreign and local investors to cooperate so that the business runs smoothly and be a win-win situation.
“I hope that the French investors would like to engage locals in their investments,’ the noted entrepreneur intoned.
Ambassador Escure underlined that French investors were still doing their plans as to when and where they would start and locate their investments.
He also applauded TPSF for the work they have been doing in emphasizing foreign investors to come and invest in the country.
“We are here to support TPSF and the local community at large,” he stated.
One of many companies that have shown readiness to invest in the country is Air Liquide, which has major operations in South Africa.
The company has invested in eight countries abroad and 17 African countries in different areas of investments, he added.
Money printing is one of the no-go areas in Tanzania, which has not featured in areas meant for local or international investors since independence.
The French ambassador to Tanzania, Marcel Escure who led investors from his country, disclosed the planned investment project at a meeting with the Tanzania Private Sector Foundation (TPSF) in Dar es Salaam yesterday, led by its board chairman, Dr Reginald Mengi.
Ambassador Escure said money printing was among six areas where investors from France have shown interest to invest in Tanzania.
Other areas include golf courses, bread factories in every region of the country, airport facilities, oil and gas as well as sewerage purification that would be used to recycle waste water to produce manure.
Tanzania expects its gas resources to increase fivefold within the next two years if new finds in East Africa's second-biggest economy proves productive. "It is expected that Tanzania's known natural gas resources will rise to 200 trillion cubic feet by the end of 2014,” the envoy noted.
Discoveries offshore of Tanzania and Mozambique's waters have led to predictions the region could become the world's third-largest exporter of natural gas, with the country strategically located for exports to Asia.
The Ambassador didn’t give details on how much it would cost to invest in the money printing industry or when the project would take off.
Currently, East African countries print their banknotes abroad especially in Germany, the United States and Switzerland. The move indicates that there is potential in the money printing industry within the region.
The envoy further stated that French investors were in final preparations, meeting key government institutions before embarking on massive investments in the six key areas.
The TPSF Director of Policy and Advocacy, Dr Gideon Kaunda underscored that French investors are ready to invest in six projects likely to be of considerable benefit to the country.
He said the major objective of the meeting was to discuss areas of investment in the country for French investors, citing the fact that local participation would be needed for their sustainability.
Dr Kaunda described the move to invest in money printing machines as ‘amazing and crucial,’ saying that this will be a relief to the government.
Tanzania will be the third African country to have its only minting machine after Egypt and South Africa.
Dr Mengi, speaking at the meeting, made it clear that there should be local participation if the country wants to achieve sustainability in foreign investments.
“Sustainable investment must include local participation for the benefit of both parties,” Dr Mengi who is also Executive Chairman of IPP said.
He said that it is sad for foreign investors to sideline local investors, clarifying that local participation wasn’t meant to discourage foreign investors but that partnership with locals improves the climate in which foreign investment is made.
There is a need for foreign and local investors to cooperate so that the business runs smoothly and be a win-win situation.
“I hope that the French investors would like to engage locals in their investments,’ the noted entrepreneur intoned.
Ambassador Escure underlined that French investors were still doing their plans as to when and where they would start and locate their investments.
He also applauded TPSF for the work they have been doing in emphasizing foreign investors to come and invest in the country.
“We are here to support TPSF and the local community at large,” he stated.
One of many companies that have shown readiness to invest in the country is Air Liquide, which has major operations in South Africa.
The company has invested in eight countries abroad and 17 African countries in different areas of investments, he added.
SOURCE: THE GUARDIAN
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