KATAVI: KATAVI Regional Administrative Secretary, Mr Albert Msovela has welcomed domestic investors to tap tremendous business opportunities by leveraging the economic infrastructure including electricity, roads, port and airport put in place by the government for them in the region.
Mr Msovela said that the government in Katavi already has allocated areas for the investors in agriculture, fishery and manufacturing sectors.
Briefing the Tanzania Investment Centre’s (TIC) officers recently on business opportunities available in the region, Mr Msovela urged domestic investors to catch the opportunities.
The TIC officers led by the centre’s Domestic Investment Promotion Manager, Mr Felix John are in Southern Zone championing the National Investment Promotion Campaign which aims to create awareness to Tanzanians on how they can invest and reap incentives following the adoption of the new Investment Act of 2022.
According to TIC statistics, countrywide domestic investment in the just ended 2023/2024 Financial Year (FY), reached 38 per cent in the total of 707 registered projects in comparison to only 10 per cent recorded in the 2022/2023 FY in which only 369 projects were recorded.
The new investment Act has reduced domestic investors’ capital threshold to 50,000 US dollars (133m/) from 100,000 US dollars (267m/).
“We have many investment opportunities ranging from agriculture, manufacturing to fishing.
We wish Tanzanians to be part of the investment to uplift their per capital income while elevating country’s Gross Domestic Product (GDP),” Mr Msovela said.
Adding “We need to fully utilize the Lake Tanganyika for economic development in our region,”
He noted that the Katavi Region also offers tourism, real estate and mining opportunities.
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Mr Msovela pointed out the Katavi National Park as the source of tourism activities.
He noted that currently domestic investments in the region are still low despite of the presence of promising business opportunities.
On boosting mining in the region, Mr Msovela urged domestic investors to invest in value addition which entails among others refining and beneficiation in efforts of maximizing profits from the sector.
He commended the government under President Dr Samia Suluhu Hassan for continuing to build up economic infrastructure including airport, roads and port which further open the region for investment and business.
He said such infrastructure link Katavi with other regions national wide as well as with neighboring countries including the Democratic Republic of Congo (DRC).
