THE government has challenged the financial firms to speed up loan processes for the upcoming and potential local investors.
The Minister for Agriculture, Livestock and Fisheries, Mwigulu Nchemba, said at the weekend that Tanzania was now working hard to woo more local investors who will also enjoy incentives and other government supports.
The Minister was speaking shortly after laying the foundation stone of the beef processing industry run by Chobo Investment Company Limited which is a locally owned entity based in Mwanza.
According to the Minister, financial institutions should see to it that local investors are facilitated with loans for they can set up investments with multiple advantages to the nation.
“It is encouraging to see local investors like Chobo setting up huge investments like this one here. So apart from the government’s support, financial institutions should also play part by providing loans to facilitate their projects,” he said.
Mr Nchemba said the country was set to benefit from the livestock sector by supporting beef sub sector challenging more local potential players to introduce their investments and enjoy the existing conducive investment climate.
He said the government was encouraging for establishment of more quality beef industries particularly in the Lake Zone blessed with abundant livestock resources.
The Minister said he was equally sharing concerns from the local meat processors on the imported beef, challenging them to make sure local production met required international standards before a decision is reached to disallow them into the country.
“If our local production improves and meets standards, we will have no further option then but start restrictions on all beef imports in order to safeguard our local ones,” said the Minister.
Chobo Investment Company’s Operations Manager Mr Denis Kisoki said the plant’s modern abattoir had the capacity of slaughtering and processing 600 cattle and 1,000 goats a day. “The company started the construction of this facility in June 2014 and is set to be fully operational by October this year,” he said.
Already, he said, the company had employed 60 workforce many being youth, and was anticipating to employ up to 250 full time workforce as it becomes fully operational.
Mr Kisoki said the facility has invested more than 8.6bn/- but has failed to obtain loans from the state owned financial institutions like the Tanzania Investment Bank (TIB) and TAB due to excessive bureaucracy. He said the company was in need of at least 5bn/- to put other infrastructures in order.
