DAR ES SALAAM: THE East Africa Commercial and Logistics Centre Project being implemented at a cost of 110 million US dollar (about 275bn/-) at Ubungo District in Dar es Salaam has reached 80 per cent and is expected to strengthen trade and accelerate the growth of the entire Eastern Africa economy.

EACLC Project General Director, Ms Cathy Wang made the statement yesterday shortly after hosting the Tanzania Investment Centre’s (TIC) Board of Directors’ Chairman, Dr Binilith Mahenge who was accompanied with other TIC’s officials to inspect the progress of the notable business hub project.

Ms Wang said the project, funded by China’s private investors, which officially kicked off in April this year has reached 80 per cent, where about 70 million USD (about 175bn/-) has already been invested, noting by December this year the structure of the centre will be completed while overall completion that entails decoration is expected by June 2024.

She said upon starting its operation by the mid of next year the project will promote business development by ensuring local industries from Tanzania and neighbouring countries including Rwanda and Burundi enjoy widened accessibility to China’s market through the integrated logistics services with end-to-end supply chain.

Ms Wang said the move targets in enabling Tanzania’s goods producers to fully tap the China market assisting the country to achieve the semi-industrialisation goal come 2025.

She said the EACLC will also cut importation cost of manufactured goods in Tanzania by accommodating major china’s wholesale companies that will enable among others retailers to obtain immense brands from the Asia’s highest tech country here in Dar es Saalam.

“We are going to accommodate more than 2000 shops and offices here in the same building, we will accommodate shipping lines, clearing agencies and with operation the commercial hub will create about 50,000 direct jobs and 15,000 indirect jobs,” Ms Wang said.

Adding “We have already created 1500 job opportunities at the site during construction”

She said the EACLC will observe a two-way trading model by promoting export and import in two countries while also catalysing the entire East Africa trade and productivity.

Ms Wang said over time the EACLC is set to adopt e-commerce to enable citizens order their goods online, anywhere and anytime urging Tanzanians to get prepared for the opportunities to come.

She thanked President Samia Suluhu Hassan for smoothing the investment environment through setting favorable policies for setting business in the country under the One Stop Centre.

For his part, TIC’s Board of Directors Chairman, Dr Mahenge was pleased with the progress of the project attributing its high pace to conducive political and economic stability in Tanzania championed by Head of State Dr Samia that instill high morale to investors.

He said the project will reduce a huge amount of Tanzania’s foreign currency spent on importing goods directly from China but instead obtain the goods in Dar es Salaam.

“You are bringing jobs, technologies and capital in Tanzania, you have chosen Tanzania, we appreciate, we invite other investors from China and other countries to bring their capital, our work as TIC is to see you succeed,” Dr Mahenge said.