Indian Billionaires to Invest U.S. $2.5 Billion in Tanzania's Agriculture

Kiranga

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Kiranga

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Karuturi Global Limited, an India-based company with interests in agricultural cultivation, food processing, floriculture retailing and information technology, plans to invest $2.5billion in Tanzania during the next few years.

The investment, according to the company's managing director, Mr Sai Ramakrishna Karuturi, will go to cultivation of rice, sugarcane and palm trees from which palm oil is extracted.

"Our investment in Ethiopia is $500 million and in Kenya we have invested a total of $150 million.....we have the appetite of investing a total of $2.5 billion in Tanzania's agricultural sector," Mr Karuturi told BusinessWeek in Dar es Salaam recently.

Currently, the company is in various processes of land acquisition.

Operations are expected to start in one year from now.

"We want to develop agricultural land in which we will be growing cereal crops such as maize, rice, and palm trees as well as sugarcane," he stated.

He said his company has been encouraged by existing trade relations between Tanzania and India. Tanzania's harbour; its rich soils; its peaceful nature as well as a relatively conducive business environment have also enticed the firm to decide to bring its money into the country.

The company plans to sell its agricultural produce to African markets and export some to India. It will also conduct contract farming whereby emphasis will be put on adding value to the crops.

With Tanzania's sugar deficit estimated at 300,000 tonnes, it is hopedthat the company's production will reduce the gap.

There is also a significant shortage of rice not only in Tanzania, but also in the East Africa region, where Kenya imports over 300,000 tonnes of rice from Pakistan and Thailand, saying Tanzania has any reason to exploit that opportunity in increasing rice production to supply the region.
Source:The Citizen
 

ubun2

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ubun2

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There should be transparency here. Who are the ppl in Tanzania gvt. that signed these contracts and are offering them land. Because, land acquisition is controversial if there is no transparency here. In a way this is sad, because there will be farmers who will be thrown off their own land, like what happened in India. Also, the food produced will go to feed their population first. There should be no land be given to corporations, instead there should be some kind of sustainable fair market approach in this situation.
 

aminiusiamini

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aminiusiamini

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Ndio maana nasemaga kuwa katiba yetu iko hovyo sana.
Vitu kama hv vinatakiwa viende bungeni kujadiliwa sio watu na raisi wanakurupuk kufanya maamuzi yao.

Kwanini,serikali isitafute pesa wenywe na kuwapa wakulima wa kitanzania na kuwawezesha kupanua wigo wao wa kuzalisha?
Hapa magufuli naona unachemka.we should invest in ourselves first before we let someone else invest in us. Hii kampuni iko hapa kupata faida. Perios. Waafrica sijui wakoje aise!!
 

Kamanda wa Kweli

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Kamanda wa Kweli

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Ndio maana nasemaga kuwa katiba yetu iko hovyo sana.
Vitu kama hv vinatakiwa viende bungeni kujadiliwa sio watu na raisi wanakurupuk kufanya maamuzi yao.

Kwanini,serikali isitafute pesa wenywe na kuwapa wakulima wa kitanzania na kuwawezesha kupanua wigo wao wa kuzalisha?
Hapa magufuli naona unachemka.we should invest in ourselves first before we let someone else invest in us. Hii kampuni iko hapa kupata faida. Perios. Waafrica sijui wakoje aise!!
Vipi hujaangalia tarehe ya huu Uzi??? So fun indeed.
 

hasason

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hasason

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sianaga matumaini wala amani na uwekezaji wa wahindi na waarabu naonaga hauna manufaa yoyote kwa taifa hapo wataletana kama kumbikumbi utashangaa wanaleta wahindi mpaka kwenye kukata miwa.
 

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