THE Tanzanian Ambassador to China Mr Mbelwa Kairuki has cautioned local companies and traders engaging in online procurement of goods with foreign companies to observe guidelines that would help them minimize the risks of being conned.<\/p>\n
Mr Kairuki said that last year, some Tanzanian companies purchasing goods online faced some challenges of being conned by a few unscrupulous companies.<\/p>\n
\u201cThe companies made some payments through telegraphic transfer (TT) but some of them never received their products while others received goods which they had not ordered,\u201d he said.<\/p>\n
\u201cThe embassy would like to caution Tanzanians who want to engage in business with Chinese companies which they have known through online platforms to take all necessary measures in order to minimize the risks of theft or being conned,\u201d he said.<\/p>\n
He said among the steps to be taken by the companies included secure correct names of Chinese companies they want to trade with.<\/p>\n
\u201cThey should ensure that they are provided with Chinese names since the Chinese company registration system identifies Chinese names only.\u201d<\/p>\n
\u201cThe envoy added that Tanzanian traders should demand to be provided with full Chinese names of a person they are communicating with and his \u201cwee chat ID, he said.\u201d<\/p>\n
He further said Tanzanian traders should also do \u201cdue-diligence\u201d on the presence of the respective companies and their financial capability.<\/p>\n
\u201cTanzanian companies in need of the service can communicate with our embassy in China through beijing@nje.go.tz or economic and trade representative at the embassy,\u201d he said.<\/p>\n
After confirming the company capability in doing the business, the envoy said, it was important to enter into a business contract with the respective company and make payments through \u2018Letter of Credit\u2019 in order to be on safe side such as suspending payments if the Chinese company will breach the contractual terms.<\/p>\n
He noted that traders should also include \u201cPre-shipment Inspection\u201d section in their contracts if the procurement of goods exceeds USD 20,000 to ensure delivery of correct items.<\/p>\n
According to latest reports, the bilateral trade volumes between Tanzania and China is at the tune of 9.1 trillion, equivalent to $3.976 billion.<\/p>\n
The Chinese Ambassador to Tanzania, Wang Ke, said last year at the Tanzania-China High-Level Investment and Business Environment Dialogue that her country has been Tanzania\u2019s largest trade partner for three consecutive years.<\/p>\n
She said China\u2019s total investment in Tanzania had exceeded to $7 billion which makes the Asian economic giant the largest foreign investors in the country. However, she said it should be noted that there are some challenges facing China-Tanzania trade and economic cooperation.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE Tanzanian Ambassador to China Mr Mbelwa Kairuki has cautioned local companies and traders engaging in online procurement of goods with foreign companies to observe guidelines that would help them minimize the risks of being conned. Mr Kairuki said that last year, some Tanzanian companies purchasing goods online faced some challenges of being conned by […]<\/p>\n","protected":false},"author":84,"featured_media":1807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,12],"tags":[190,1198],"class_list":["post-1806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-policy","tag-mbelwa-kairuki","tag-telegraphic-transfer"],"yoast_head":"\n