Barely a fortnight after The Exchange reported of investment opportunities in Tanzania’s lucrative pharmaceutical industry, His Highness the Aga Khan who visited the country late last year, has expressed interest to invest USD 20 Million to set up a pharmaceutical production plant.
“If you want to invest in Tanzania’s medical industry, then you might want to consider a medicine production plant,” the report read.
It highlighted President John Magufuli’s call for increased investment in Tanzania’s pharmaceutical sector and his executive order for financial support from the related Ministry and Central Bank for the same.
The report caught the attention of stakeholders and in line with the president’s call, the Minister for Trade, Industry and Investment, Mr Charles Mwijage recently held an investor meeting for the same.
ALSO SEE: http://Deloitte ranks Tanzania ahead of Kenya as top investment destination in East Africa
Tanzania Welcomes His Highness’ Aga Khan’s Investment Interest
Speaking at the investors’ meetings, the Minister said the government welcomes His Highness’ interest and will ensure conducive environment for speedy smooth investment.
The Minister took the opportunity to remind the attending potential investors of the government’s commitment to industrialization.
He said in view of this vision, the government will ensure investor get all they need to establish manufacturing plants i0nt he country and highlighted the already existent special manufacturing and exporting zones within which investors enjoy special incentives.
He was also keen to make clear that the government’s insistence on home manufacturing of pharmaceutical production plants does not in any way mean a ban on importation of medical products from other countries.
Minister Mwijage also ironed out concerns over a looming ban of pharmaceutical imports. He said the government does not intend to ban the importation of pharmaceutical products, on the contrary, it welcomes continued foreign trade but also encourages local production.
This is only one of the most recent investments in Tanzania by His Highness the Aga Khan through the AKDN particularly in health and education sector.
SEE: http://EU, Aga Khan Foundation Tanzania Launch Tsh 4.1 bn Rice Project
Minister for Health, Community Development, Gender, the Elderly and Children, Ms Ummy Mwalimu, said there is ready market for medicines and related products.
She said the government is willing and ready to spend in excess of Sh500 billion every year to purchase medicines and medicinal products produced locally.
She further decried Tanzania’s high rate of medicinal imports from neighbouring countries and welcomed the expressed interest in the sector.
The Minister also pointed out that Tanzania spends well over Sh1 trillion annually in the importation of medicines and medicinal products.
In fact only 14 of 119 medicine and medical suppliers contracted by the Tanzania’s Medical Stores Department (MSD) are operational leaving the country in high demand.
Other than His Highness the Aga Khan, renowned philanthropist and Chairman of the Tanzania Private Sector Foundation Reginald Mengi has also expressed interest to invest in the sector.
Forbes listed youngest T, Mr Mohamed Dewj has also aired his interest in the sector
Business Mogul Aziz Gulam is also among one of the over 40 investors who have expressed similar interest in response to the president’s call.
Other include Alfa Industries Tanzania Limited, Kairuki Pharmaceuticals, Suma JKT, Zinga Pharmaceuticals and Biotech Limited, Mwafrica Pharmaceuticals, Prince Construction Dypercor Holding Company Limited and MIG investment limited.