Keda Industrial Group, a China-based company principally engaged in the manufacture and sale of building material machinery, has announced it plans to invest $86.8m (597.87m yuan) to build a new architectural glass plant in Tanzania.
The company will set up a local subsidiary or a joint venture with a local partner to build the plant, which is expected to have an annual production capacity of 600 tonnes of architectural glass. Architectural glass is essentially a building material used for windows in external walls.
The news comes as a boost for Tanzania as the country has been targeting foreign direct investment. In late 2020, the government separated its investment portfolio from trade and industry, creating a new stand-alone ministry under the president’s office. The country has vast liquefied natural gas resources but has traditionally struggled to cash in on its natural resources.
Keda Industrial Group specialises in clean energy technologies and sells its products on a global basis. It had revenues of $1.5bn in 2022, up by 32.6% on 2021 figures. The company employs more than 10,000 people around the world.