Building material company Knauf Gips KG has vowed to step up and increase its investment in Tanzania to serve the hungry local and regional market.
The German firm has pledged to work with the government of Tanzania to support its industrialization drive to achieve its dream instigated by President John Magufuli.
Several investors in the construction industry have committed to raising their investments as well to serve the sector. The local and regional market needs quality building materials to spur infrastructure development in their countries and boost the economic environment of their nations.
Tanzania’s government has assured the potential investors of enjoying business incentives as the parliament makes positive strides to create a friendly business environment for their operations. The initiative is crucial in not only luring more investors for the various sectors in the economy but maintain the already existing businesses in the market.
East African countries are losing their grip on foreign investments to Ethiopia, as the nation under Prime Minister Abiy Ahmed continues to make changes to attract foreign companies. The efforts are paying off with German, Indian, Thai and Turkish investors all swarming into the lucrative market to do business.
Global Player Knauf has $8.7 million worth of investments in Tanzania as it sets to inject more in the economy. The family-owned company is also a leading manufacturer of systems for metal stud dry-lining, drywall, acoustic, fire protection, and tile backing. It is a supplier of gypsum-based materials in the UK.
Established its regional head office in Dar, the company can serve the East African region competitively. Tanzania was preferred due to its strategic location, enhancing the expansion of the company’s reach regionally.
Knauf has undertaken several projects in Kenya including the construction of Pullman Hotel, Black gold investments, Green hill hotel, American Embassy, and Juja City mall-Thika road.