Mining and tourism will remain the leading recipients of foreign investment flows to Tanzania, according to Vice-President Ali Mohamed Shein.

The two sectors are likely to remain the main growth sectors of the economy for many years, he said when opening the two-day China-Africa Business Forum yesterday.

"Tanzania is internationally renowned for its abundance of wildlife attractions and unexploited mineral reserves," he said, adding: "Mining and tourism are the leading recipients of foreign investment flows and are tipped to become among the major growth sectors of the economy."

Available statistics indicate that Tanzania received foreign direct investment (FDI) amounting to $473 million in 2006, far ahead of many countries sub-Saharan Africa.

Dr Shein said the country's vast naturals resources remained largely untapped for tourism and processing industries, adding that Tanzania offered "a wealth of market opportunities" for both local and foreign companies.

He noted that the country's geographical location, particularly ITS proximity to landlocked states, enabled it to offer transit service through the ports of Dar es Salaam, Tanga and Mtwara.

Dr Shein called on potential investors wishing to establish projects in the country to make full use of support services of the Tanzania Investment Centre and other government institutions.

According to TIC, tourism and mineral sectors are among the areas targeted for major investments in the country by the both the foreign and local firms.

Other areas earmarked for substantial investment are agriculture and agri-business, specifically targeting cotton, sugar, bio-fuels and horticulture and floriculture.

Major areas for investment also include infrastructure development, energy (power generation and distribution), extractive industry, manufacturing and telecommunications.

TIC assists foreign investors in company registration, business licensing, residence permit, acquisition of land for the project, guidance on tax matters and related issues.

Finance and Economic Affairs minister Mustafa Mkulo told the forum that Tanzania welcomed investors and traders from China, the world's fourth largest economy, with open arms.

He said the total trade volume between Tanzania and China in 2005 alone was $474 million, of which China's exports were $ 304 million and import $171 million.