PUBLISHED ON September 15th, 2014

Tanzania aims at balancing trade with China in four years


Tanzania’s trade account with China is set to balance within the next four years, the east African country Ambassador to China, Abdulrahaman Shimbo said on Monday, following an increase in investments and bilateral trade between the two countries.Shimbo said the trade balance projections are based on Beijing thrust to import more from Dar es Salaam and increase unconditional trade relations.

“The existing trade surplus in China’s favour will be addressed in about four years, as China will import more goods from Tanzania, especially minerals, gas and agricultural products,” Mr Shimbo told reporters.

He was reacting to rising fears about China’s long-term trade imbalance with Tanzania and its growing demand for raw materials.

By the end of 2013, China had invested more than $2.5 billion in Tanzania, with nearly 500 Chinese companies doing business in the country.

“This amount makes China the second largest investor in the East African nation, behind the UK,” the Ambassador noted.

Source URL: Star Africa

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