12 °c
London
Wednesday, April 21, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Chinese company Foton Motor to assemble trucks in Tanzania

FurtherAfrica by FurtherAfrica
November 26, 2018
in Africa, Development, Economy, Manufacturing, Tanzania, Trade
Reading Time: 2 mins read
0
Angola opens up the creation of Logistics Centres to the private sector
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Tanzania’s automotive industry is winning foreign automakers’ deals as it seeks for solutions in the transport sector

 

Chinese automobile maker. Foton Motor Company is set to establish a truck assembling plant in Tanzania as it gears towards extending its foray in the East Africa region.

The firm’s strategy to set up the facility is in line with the country’s fifth phase government target’s on industrialization. President John Magufuli has pushed the dream in the country as he looks to make a significant impact before his time come to an end.

Manufacturing is a prioritized sector that has high potential to drive the country’s dream of becoming a middle-income economy by 2025. The goal has spurred the interest of many foreign investors to seek business opportunities. The Head of State has worked to establish a conducive environment for foreign businesses and support the local sector.

Foton launched its assembling facility in Kenya early this year to cater for the market demand in the country. The company envisages offering solutions in the transport sector to facilitate trade. The firm plans to eradicate the prevalent challenge of unemployment by creating job opportunities for the citizens.

The expansion plan will ensure car dealers acquire the trucks at an affordable price as compared to importing. Spare parts will be as well available at competitive prices.

Car automakers continue to venture in the African market as they look to have a share of the pie. Toyota is a major investor in the manufacturing industry and a potential competitor as well. German machine Volkswagen which recently entered the Rwandan market is extending its reach in Ethiopia.

Last year, Tanzania cut its taxes as a business incentive measure to attract more investments in the automotive industry. The Finance Bill of 2017 stated that “A corporation with a newly-established plant for assembling motor vehicles or tractors will receive a corporate tax rate of 10 percent” which will be a 20 percent reduction of the 30 percent corporate tax rate.

The government is adamant to produce brand new locally made vehicles as well as export to the neighboring countries. A similar strategy is undertaken by Uganda that seeks to phase out old cars and discourage car imports and support the local manufacturing sector.

Source: The Exchange

Related

Tags: car importsChinese automobile makerChinese companyfacilityFeatureforeign investorsFoton MotorFoton Motor CompanyGerman machineHead of Statemanufacturing industrymarket demandpresident John MagufuliTanzaniaToyotaTradetransport sectortruck assembling plantVolkswagenтанзанияتنزانياタンザニア坦桑尼亚
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Ethiopian Air eyes $2bn cargo revenue by 2025

Next Post

Angola to liberalise crude oil by-products supply

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Mozambique

Mozambique: Five companies pre-selected to build solar plant

by FurtherAfrica
April 21, 2021
African Fintech: Growth, Profit and Forecasts
Finance

28 money transfer services checked for Africa: an extensive guide

by Jens Ischebeck
April 21, 2021
Mozambique

Mozambique: US$30M needed to rebuild Beira Airport

by Club of Mozambique
April 21, 2021
Procedure for registration of a Limited Liability Partnership in Nigeria
FDI

The role of government in securing FDI

by Africa Oil & Power
April 21, 2021
Angola’s Sonangol reiterates payment commitment of drill ships
Africa

Maersk Drilling secures US$24M Exploration Contract in Gabon

by Africa Oil & Power
April 21, 2021
Next Post
Private: Tanzania lowers petrol and diesel prices

Angola to liberalise crude oil by-products supply

Bloomberg: IMF expects Mozambique to default on external debt until 2023

Mozambique: Government rules out gas revenues from syndicated debt negotiations

BICV working to position Cape Verde as an international financial center

Cabo Verde Parliament approves law setting public debt limit at 60% of GDP

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?