Tanzania signed a $3 billion deal with a major Chinese firm to build a major industrial hub in the country. On April 9, the Tanzania Investment and Special Economic Zones Authority (TISEZA) signed the 33-year lease with HWTZ SEZ Limited, a subsidiary of China’s Hongwang Holding Group, one of China’s largest privately held conglomerates and major steel producer, headquartered in Foshan, Guangdong.
The lease covers 5 million sq. meters within the Bagamoyo Eco Maritime City (BEMC), a strategic coastal new city aimed at creating a regional manufacturing and logistics hub.
Speaking at the signing ceremony, TISEZA Director General Gilead Teri said the project will advance the “Vision 2050” to create a $1 trillion economy and its Fourth Five-Year Development Plan.
The Chinese company will develop all key infrastructure within the industrial park, including roads, water supply, electricity, wastewater management systems, security services, environmental protection systems, and solar energy solutions, with the aim of attracting more than 150 industries and 5,000 jobs. The project will also create facilities to train Tanzanian youth in practical industrial skills.
HWTZ Holding Limited CEO David Zhou said the industrial park will place strong emphasis on the automotive sector, with plans to integrate both upstream and downstream industries to create a complete and efficient industrial ecosystem. The company plans to build the first heavy truck assembly facility by the end of the year. Preliminary activities, including site clearance, are already underway.