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.
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.
Source: The Exchange