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Tuesday, January 14, 2014

Nitori Holdings Co., Ltd. : Tanzania Gets U.S. $100 Million for Agricultural Venture

Nitori Holdings, a Japanese firm, dealing in the in the sale of furniture and interior goods, has invested Tsh160 billion (about $100 million) in agricultural production and manufacturing.
The investment according to the Japanese firm would increase export earnings. The company also plans to set up a fully-fledged textile industry in the country.
Nitori Holdings Senior Managing Director, Shoshin Komiya was recently briefing President Jakaya Kikwete during his visit to Japan. He said: "Our aspiration is to invest in cotton production and set up a fully-fledged textile industry in Tanzania."
Komiya requested for government cooperation in the their proposed venture.
As with most countries in Africa, the bulk of Tanzania's cotton production (in excess of 70 per cent) is exported as lint. Textile and garment manufacturing is one of the key sectors outlined in the national government's Integrated Industrial Development Strategy.
Nitori has secured 4,000 hectares out of 40,000 hectares it had sought from Handeni District, Tanga Region for cotton farming and textile factory investment. Tanga is located along the highway heading to Nairobi andUganda from Dar es Salaam, the capital city.
The company initiated a move to ensure cotton produced within the country is not exported as a raw material rather exported as a processed good.
The majority of the mills in Tanzania are involved in the production of Kitenge and Kanga cloth, which is sold to wholesalers on the local market.
The cloth is then sold by wholesalers to outlets and traders who distribute the products to MozambiqueMalawiRwandaBurundi andUganda.
The production of mosquito nets in Tanzania has also been an enormous success, in that the nets are now exported throughout Africa.
Tanzania's garment industry is currently very limited in terms of size and products offered. Most of the industry is oriented towards export markets, and principally shipped to the United States, taking advantage of the trade preferences offered by AGOA market.
Tanzania Cotton Board's acting Director General, Gabriel Mwalo said the investment was initially planned for Morogoro Region but the company failed to secure land for its designed project. He said Nitori will introduce an out-grower scheme.
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