One of Tanzania’s biggest manufacturing and trading firm, Mohammed Enterprises Tanzania Ltd plans to invest $250 million to expand its business in Zambia, Mozambique, Rwanda, Burundi, Madagascar and Ethiopia.
“We want to expand our presence in Africa to capitalize on a growing middle class demand. The focus for investment would be in manufacturing, particularly cotton,” company’s Chief Executive Officer, Mohammed Dewji said.
“Our vision is that by 2020/21, we want to be a $5 billion revenue company,” he said. Revenue was expected to reach $1.9 billion in 2014/15.
Regarding plans to invest $250 million over two years, Dewji said: “Half of this … will be our equity and the other half will be raised through banks.”
The company operates in 11 African nations, mostly in East Africa, including Kenya and Uganda, as well central and southern states such as the Democratic Republic of Congo and Mozambique.
Established in the 1970s, the firm has more than 30 factories making consumer products ranging from bicycles and detergents to edible oil and beverages.
Other investments cover the agriculture, infrastructure, energy and mobile phone sectors. METL employs 24,000 mostly in Tanzania.
Dewji said he expected this to rise to more than 100,000 in five years.