The Tanzania Investment Centre (TIC) has called upon Tanzanians and foreigners to grab the abundant investment opportunities in the country, saying Tanzania now stands out from the rest in western, eastern, central and southern Africa in terms of creating favorable environment.
Addressing editors and reporters yesterday in Dar es Salaam, TIC Executive Director Gilead Teri said peaceful environment, facilitative legal frameworks and implementation of transport infrastructure projects have placed Tanzania on the competitive advantage in terms of attracting both, Domestic Direct Investments ( DDIs) and Foreign Direct Investments( FDIs).
“Tanzania is the leading country in eastern, western, central and southern African in terms of attracting investments. This trend doesn’t just emerge by mistake, there are reasons behind it,” he said.
Giving, an example, Mr Teri, the implementation of Standard Gauge Railway (SGR) has started attracting investments, with investors rushing to set up projects along the nearly- completed 200-kilometre railway stretch from Dar es Salaam to Morogoro.
According to the TIC boss, some firms that have already grabbed potential areas for investment along the nearly -completed SGR stretch include Sino Tan Industries and KAMAKA Company Limited.
He said already three industrial clusters are under establishment, targeting to fully exploit the benefits of SGR.
“With an ongoing implementation of SGR, we believe that Tanzania, through TIC, will continue to register many new investment projects simply because investors are fully aware that their manufactured products will reach the intended markets as quickly as possible, including Dar es Salaam Commercial City and the port, ready to be ferried outside the country.
According to Mr Teri, TIC has established a One Stop Facilitating Centre by closely working together with other facilitating institutions such as the Business Registrations and Licensing Agency (BRELA), Tanzania Medicines and Medical Devices Authority (TMDA), The Tanzania Electric Supply Company Limited (TANESCO) and the National Environment Management Council (NEMC).
Others are the Tanzania Revenue Authority (TRA), The Tanzania Bureau of Standards (TBS), The Tanzania Electric Supply Company Limited (TANESCO), The National Identification Authority (NIDA), Occupational Health and Safety Authority (OSHA), the Ministry of Land, Housing and Human Settlements Development and the Ministry in the Prime Minister’s Office (Labour, Youth, Employment and Persons with Disability)
He said to ensure investment applications, especially those lodged by foreigners are quickly processed, the government has formed what is known as National Investment Steering Committee, with Prime Minister serving as its Chair and TIC as its secretary.
The Committee helps the nation in improving the business environment and fostering economic growth through increased investment. The committee is entrusted with the role of investment policy formulation and solving problems of investors on a fast track basis.
Mr Teri implored Tanzanians to fully exploit the friendly investment environment facilitated by legal frameworks by setting up investments.
According to Mr Teri the new investment law allows locals to have a capital amounting to 50,000 US dollars to be registered by TIC, advising Tanzanians with land to consider venturing into investment projects.
