European investors laud Tanzania investment climate

DAR ES SALAAM: EUROPEAN investment stakeholders have appreciated the Tanzania Investment Centre (TIC) for effectively facilitating business and investment in the country.

The stakeholders yesterday gave their appreciation at the sideline interviews during a special business dialogue in Dar es Salaam, involving the TIC and the European Business Group-Tanzania (EUBG).

Knauf Regional Director-East Africa, Ms Ilse Boshoff said Knauf which is a Germany’s private manufacturer in Tanzania has been enjoying unwavering cooperation from the TIC in all matters pertaining to investment such incentives.

“We are in the process of expanding the plant by three times of the current capacity,” Ms Boshoff said.

Detailing, the TIC’s contribution in the growth of the Knauf investment in Tanzania, she said the One Stop Facilitation Centre has been acting as enabler for them to access on time their incentives and legal issues relating to investment.

“If there is recommendation that I can make to European investors is to involve the TIC,” she noted.

In terms of job creation, she said currently the Knauf has 250 employees of whom only four employees are foreigners while the rest are Tanzanians.

She said their company embraces local talents’ development and transfer of technology through, among others, capacity building programme to local employees who have been sent to abroad including Dubai for upgrading their skills in manufacturing.

Netherlands Deputy Ambassador in Tanzania, Mr Job Runshaar said the TIC’s has been creating visibility to investment opportunities’ available in the country through among others dialogue platforms including business to government discussions which brought together all stakeholders.

“The conversation between business community and the government acts as the channels for investors to express their concerns for successful investments in the country. It is key that the government created TIC,” he said.

He noted that the country’s One Stop Facilitation Centre which integrate all other necessary entities for setting business including Immigration and Business Registration and Licensing Agency (BRELA) grantee a smooth investment climate which is attractive to all investors.

Netherlands co-organized the dialogue event with TIC that brought EUBG members representing the European community’s investors in Tanzania.

In another development, he said so far Netherlands investors in Tanzania inject their capital in the agriculture sector specifically avocadoes and poultry.

Earlier, TIC’s Director of Investment Promotion, Mr John Mnali said the TIC’s meeting with the EUBG aimed at informing investors about key business reforms that the former is implementing under the New Investment Act of 2022.

“The New Investment Act requires the TIC to provide an investment permit within seven days,” Mr Mnali said.

More significantly, he said the number of personnel working at the One Stop Facilitation Centre has been increased by incorporating some officers of the Ministry of Agriculture and the Mining Commission.

He said over the weekend TIC launched the Premium Lounge as the facility for fast-tracking investment registration of strategic investors and special strategic investors desiring to inject their huge capital in the country.

At the dialogue, Mr Mnali was accompanied with TIC’s senior officials who provided clarifications and solutions to the EUBG’s investors purposely for enabling them have fruitful investment in the country.

The participants networked and shared business skills as well as opportunities.

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