On 13 January 2011 Prime Minister Mizengo Pinda of Tanzania launched the Investment Blueprint of the Southern Agricultural Growth Corridor of Tanzania (SAGCOT). With a NOK 2 million contribution from the Norwegian Embassy, the Blueprint has been developed to boost agricultural growth in the southern corridor through coordinated private and public investments.
On the same day President Jakaya Kikwete inaugurated Yara’s fertilizer terminal project in Dar es Salaam port as the first international investment in the corridor.
The President commended Yara’s timely investment that will ensure Tanzanian farmers’ access to fertilizers. He also thanked Yara for demonstrating trust in Tanzania and its expanding agribusiness.
The Norwegian company is investing USD 20 million in the building of a port terminal for packing and distribution of fertilizers to farmers in Tanzania and beyond.
–While this is a business based decision, it also reflects the strong belief we have gained in the positive prospects of agricultural production, increased market access and upcoming business opportunities for Tanzania, said Yara’s Chief Executive Officer Jørgen Ole Haslestad.
He also stressed Yara’s long-term commitment to the development of agricultural sector in Tanzania.
–More private investments like this one are of vital importance for economic growth and poverty reduction in Tanzania, commented Chargé d’Affaires of the Norwegian Embassy Svein Bæra.
–To keep such investments coming in growing numbers, the quality of the business environment in Tanzania needs continued attention, he added.
Facts
- SAGCOT is an international public-private partnership which includes global business, the Tanzanian Government, private sector, farmers, foundations and donor institutions.
- More than 80 per cent of the Tanzanian population lives in rural areas and has agriculture as their main source of livelihood.
- The Tanzanian Government is giving priority to agricultural development through strategies such as Kilimo Kwanza ‘Agriculture first’.