S. African investments in Tanzania, (Daily News, 2006-06-15):-The South African High Commissioner, Mr Sindiso Mfenyana, on Tuesday defended South African investments in Tanzania, saying investors from his country were not bent on taking super profits but were doing clean business. “South African companies which come to Tanzania, do not come here to milk this country for bigger profits as many of you think, but they come and invest just like other companies from other countries,” he said. He was answering a question raised during a press briefing on the commemoration of the 30 years of Soweto uprising scheduled to be held on Saturday in Dar es Salaam. He told a questioner that reports suggesting that South African companies were repatriating more than 50 per cent of the profits they earn in Tanzania were false because, he said, if investors took that much of the profits their companies would collapse. “Most of these companies never take a single cent home. They re-invest here to increase the size of the businesses,” he said giving the example Vodacom and NBC Ltd. He said the two firms re-invest their profits in Tanzania and are helping society through sponsorship of various social programmes. Responding to another question, the high commissioner said South African Companies were not always eyeing already established companies. Rather, they were investing in companies on the verge of bankruptcy and at the invitation of the government. “The companies they have invested in are now doing fine. We have good examples such as NBC Ltd. When we came the bank was not in a good shape but now things are okay,” he cited. Mr Mfenyana said although the performance of the Net group Solutions was being criticised, the company has done a lot to improve Tanesco's revenue collection system “which has in turn increased revenue.” He told another questioner that Tanzanians were welcome to invest in South Africa. He said Tanzania stood a better chance of securing South African markets by exporting processed agricultural products, especially fruits and cashew nuts. He said South Africa was ready to assist Tanzania by investing in processing industry and in large scale farming. “I am not happy to see Tanzania exporting fruits instead of packed juice”.  

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