IN any modern world, everyone looks for investment opportunities with the best returns. Basically― from research, there are many options, depending on your pocket and interest.
Tanzania has four major cities; namely Dar es Salaam, Mwanza, Arusha and Mbeya. But Mwanza is unique in its own. Popularly known as the rock city, fully of rocks that look beautiful along the shores of Lake Victoria―the largest lake in the continent, Mwanza attracts various investment and business opportunities.
That is why Tanzania Standard Newspapers (TSN) in collaboration with other business partners agreed that it is high time to bring to the residents of Mwanza the Mwanza Business Forum scheduled for April 11, 2017 in the famously known ‘Rock City.
’ The forum comes after a successful Simiyu business forum held in February this year. The forum will bring together members from the business community regional and district leaders, Members of Parliament (MPs) and ordinary citizens from Mwanza and the neighbouring regions, among others who will have an ample time to explore various trade and investment opportunities available in the region.
TSN, the publisher of the ‘Daily News,’ ‘HabariLeo’, ‘Sunday News,’ ‘HabariLeo Jumapili’ and ‘SpotiLeo’, has teamed up with other partners to organise the forum, with a good number of participants expected from within and outside the country. Basically, the Lake Zone region is located in the extreme northern part of Tanzania Mainland. The northern part of the region is surrounded by the waters of Lake Victoria locally known as Lake Nyanza.
These waters in turn separate the region from the neighbouring countries of Kenya and Uganda. To the West is Kagera Region. Other neighbouring regions are Simiyu, Mara and Shinyanga. According to the 2012 census, Mwanza had a total population of 2,772,509 people with average annual growth rate of 3.0 percent. This is the Tanzania’s second most populous city After Dar es Salaam.
Mwanza region is subdivided into seven administrative districts, which are Nyamagana, Ilemela, Kwimba, Magu, Misungwi, Sengerema and Ukerewe Districts. Under local government structure the region is divided into eight councils namely: Mwanza City Council, Ilemela Municipal Council, and Kwimba, Magu, Misungwi, Sengerema and Ukerewe Districts Councils. Business and investment opportunities ought to depend on the main economic activities.
Economically, Mwanza City greatly depends on the Agriculture sector. There are over 60 different types of industries in Mwanza, among them, fish Processing, Cotton Seed oil industries, Breweries, Soft drinks factory, Bakeries and Biscuits. Others are medium and small milling machines, Timber industries, Garages, Fabricating workshops, Ginneries, Foam and plastic industries, Soap factories, Quarry sites and animal food industries.
With the fifth phase government development agenda that is pegged on an industrial economy, a businessperson investing in Mwanza will undoubtedly have to grab the opportunities. The region also depends on agriculture Sector especially Livestock that also boosts the economy of Mwanza. There are various types of livestock such as goats, sheep, cows, pigs and donkeys among others.
On the tourism sector, the region is also excelling due to the fact that it has the largest lake in the continent. Serengeti, Saanane and Rubondo National parks have also their attractiveness and immense contribution in the regional economic growth via tourism.
On the various social services, Mwanza City has got over 180 nursery schools of which some are registered and few are not yet registered. The City, according to the Association of Local Government Authorities of Tanzania (ALAT) has a total of 161 Primary Schools, out of which 145 are Government owned and 16 are privately owned.
Apart from other districts the City itself has 1,183 classrooms, 162 teachers’ houses, 95 teachers’ offices and 1,278 pit latrines.
Mwanza City has a total of 79 Secondary Schools, out of which 51 are Government owned and 28 are privately owned. There are about 29 Vocational Training Centres (VTCs) in Mwanza City. Mwanza City has also four high learning institutions.
Investors planning to launch their business in the region cannot be worried of reliable infrastructure and communication as the city has roads upgraded to tarmac level. There are also all mobile phone telecommunication companies On the financial institution, Mwanza city has several banks such as Co- operative Rural Development Bank (CRDB), National Bank of Commerce (NBC) National Microfinance Bank (NMB), STANBIC, BARCLAYS, Bank of Africa (BOA) and FBME, among others.
With increasing levels of investments and growth being witnessed in Tanzania, economic analysts insist that there’s a need for the country’s cities to invest massively in infrastructure and other basic amenities such as roads, rail, airports, energy, water and sanitation if they are to enjoy the benefits that comes with such growth.
Other investments are housing, transport, water and power, healthcare, education and public safety. Cities that score well in infrastructure also score well in human capital. This underscores the World Bank’s indication that sub-Saharan Africa needs infrastructure investment of about US dollars 100 billion annually if it is to achieve real growth capable of supporting increasing Foreign Direct Investment (FDI) flows and a growing middle class.
In addition, the entry of best hotels in Mwanza Region has signalled the growing potential of business travel in the country and the position of Mwanza as one of the regional financial services hub. With more expected to follow suit in coming years. Five-star international hotels are potential especially in the regional tourism sector.
The growth prospects of Mwanza’s economy have especially got foreign investors coming in to partake of the pie of the growing investment opportunities in the region.