MIGA set to woo more investments

THE Multilateral Investment Guarantee Agency (MIGA) forum held in Dar es Salaam last week has proved to be a game changer in providing investment opportunities for the private sector.

The Minister for Investment, Industry and Trade, Dr Ashatu Kijaji, said when closing the two-day forum in Dar es Salaam last week that the agency aims to support economic growth, reduce poverty, and improve people’s lives through foreign direct investment in developing countries.

“This forum is a game changer because it provides the opportunity for the private sector community to discuss matters promoting foreign indirect investment in Africa,” Dr Kijaji said.

The forum brought together some 75 companies and institutions from ten countries hence enabling Tanzanian investors to exchange commercial and investment experiences for the betterment of the investment sector and economy at large.

The minister said the forum provided the chance for the government to showcase the investment opportunity available in the country and Africa while inviting the private sector to complement government efforts on investment and economic growth.

“…And also to identify and solve the challenges our investors and business people encounter in ensuring that we enjoy African opportunities and serve the world from Tanzania,” Dr Kijaji told reporters.

She also insisted that such a forum will help an investor explore areas and opportunities to invest and open doors of employment to many Tanzanians.

According to the TIC report, the economy was expected to generate 43,925 jobs in 2021/22 compared to 36,470 jobs in 2020/2021 fiscal year. The report also showed that in the similar period the number of registered projects increased by 17 per cent to 274 from 234.

The Minister further assured the investors that Tanzania has a favourable business environment due to the country’s peace and harmony since independence.

MIGA is a member of the World Bank Group and has 181 member states as of March 2020.

The agency had provided guarantees worth 1.2 billion US dollars in 2009 to support the economies in Europe and Central Asia following the global financial crisis.

MIGA offers a variety of services to encourage foreign direct investment including risk insurance against foreign exchange restrictions, an outbreak of conflicts or wars, imposed spending limits, and related restrictions on company assets.

Related Articles

Back to top button