New investment law spurs growth, local investment

GEITA: THE Tanzania Investment Centre (TIC) has recorded an increase of more than 60 per cent in number of newly registered projects within one year of adopting the new Investment Act, 2022.

Speaking to journalists in Geita town on Wednesday, Mr Gilead Teri, the Executive Director of TIC highlighted the success of the new legislation during a visit aimed at promoting local investment.

He emphasised that the investment law which is specifically designed to foster a favourable environment for Tanzanians with capital or investment ideas, has paved the way for substantial investment growth.

“The enacted Tanzania Investment Act, 2022, which was passed by Parliament in November 2022, has simplified the process for Tanzanians looking to invest in various sectors. Anyone with aspirations to make an investment can now approach TIC for assistance,” Mr Teri noted.

Under the visionary leadership of the sixth phase government, the enacted law and the investment-friendly environment has contributed to a significant rise in registered projects from 273 in 2022 to an impressive 504 in 2023, according to him.

Notably, about half of the new projects registered in 2023 are owned by Tanzanians, a substantial increase compared to the 20 to 30 per cent ownership in 2022.

Mr Teri further outlined the key sectors driving the surge as including industrial sector, agriculture, transport, mining, tourism and the construction industry.

“In 2023, we registered 504 projects with a total value of 5.6 billion US dollars, equivalent to more than 11tril/-. This capital infusion is anticipated to generate over 100,000 jobs for Tanzanians,” he disclosed.

Comparing the figures, he noted the significant growth, with approximately 3 billion US dollars invested in 2022, up from around 2 billion US dollars in 2021.

He expressed TIC’s commitment to tripling investment growth by 2025. The ongoing awareness campaign aims to educate Tanzanians about the investor-friendly policies in place, driving the country towards economic prosperity.

Present at the event in Geita during press briefing, local investor Mr Athanas Inyasi, Chief Executive Officer of Bluecoast Company Limited in Geita, attested to the positive impact of the sixth-phase government’s policies.

Mr Inyasi acknowledged that the policies have inspired locals to seek investment opportunities, contributing to economic growth.

On his part, Acting Geita Regional Commissioner, Mr Coronel Magembe, commended TIC for its investment awareness campaign. He emphasised Geita’s status as one of the safest places for investors, further reinforcing Tanzania’s appeal as a thriving investment destination.

“This surge in investment and the proactive approach of the government underscore Tanzania’s commitment to fostering economic growth and creating a conducive environment for local and international investors,” he said.

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