Japan: Tanzania is a promising land for investment growth

DAR ES SALAAM: THE State Minister for Foreign Affairs of Japan, Mr Kiyoto Tsuiji has described Tanzania as a promising land for investment growth underscoring the significance of a deepened bilateral cooperation between the two countries.

Japan’s appreciation comes as in four decades its investment in Tanzania is valued at 42.70 million US dollars (about 111bn/-) touching key economic sectors including manufacturing, commercial building and agriculture.

Mr Tsuiji appreciated the country’s investment climate in a meeting with the Tanzania Investment Centre’s (TIC) Executive Director, Mr Gilead Teri which was held in Dar es Salaam at the Japan’s Embassy on Wednesday.

He said among others TIC has been consolidating the collaboration between the two countries by facilitating the investments.

More notably, he applauded the government under President Dr Samia Suluhu Hassan for keeping on creating an enabling environment for investment featured by the economic diplomacy which enhances mutual opportunities for both countries.

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For his part, Mr Teri mentioned technology, agriculture, transportation, and capacity building as the key areas in which two countries can continue to collaborate in bid of elevating their economies.

In another development, Mr Teri commended President Samia Suluhu Hassan for her proactive efforts including policy reforms for unlocking investment opportunities and creating a favourable investment climate in Tanzania.

He said the reforms such as the New Investment Act of 2022 attract investors across the world including Japanese thereby bolstering the economic ties.

Furthermore, Mr Teri noted that Dr Samia’s economic diplomacy has been attracting foreign direct investments which in return stimulate the country’s economic growth.

 “As part of this effort, TIC is planning an investment promotion mission to Japan, which will serve as an opportunity to showcase Tanzania’s investment sectors and incentives” Mr Teri said.

Detailing Japan’s direct investment, Mr Teri said in four decades it invested in 24 projects worth 42.70 million US dollars (about 111bn/-) mainly in the manufacturing, commercial building, agriculture, tourism and transport sectors.

He said the aforementioned projects have created over 1100 jobs while considerably increasing tax revenues.

“The projects highlight the potential of foreign investment to drive local development and prosperity” Mr Teri said.