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JPM to investors: Tap EAC, SADC markets

PRESIDENT John Magufuli has called upon local, foreign investors and other businesspeople to exploit the readily available market in the country as well in the East African Community and Southern African Development Community (SADC).

The President made the call yesterday when he launched a new industry- 21st Century Food and Packaging Limited-, which is located at Kurasini in Dar es Salaam, whose owner is a Tanzanian businessman, Mr Mohammed Dewji.

According to President Magufuli, local and foreign investors had nothing to worry about in terms of the market for their commodities produced in the country, as Tanzania’s population translates into a big and reliable market.

He said being a member of the EAC and SADC blocs, Tanzania provides an opportunity for investors to access the readymade market of about 500 million people.

He said the strategic membership of Tanzania to the blocs will spur the industrialization agenda being driven by the fifth phase government, and push the drive towards the National Development Vision-2025.

“The greatest advantage Tanzania has is the availability of a reliable market. This is the time for all investors and businesspeople to invest and build industries in the country and seize this fruitful opportunity,”

President Magufuli emphatically said. He said apart from the readymade market, Tanzania is the best place in which to invest, other factors being a peaceful environment and friendly legal framework.

“I request members of the diplomatic corps in the country and other development partners to market Tanzania’s investment opportunities in their home nations to get more investors,” the President remarked.

He said since the fifth phase government assumed responsibilities, there had been a good response in embracing industrialization, whereby the country has up to now witnessed the establishment of 4000 new industries across the nation.

“I commend all Tanzanians for their great response in embracing our industrialization agenda,” he said.

Given the readiness of investors in the industrial sector, the nation has witnessed massive developments in various sectors, including Stiegler’s Gorge Hydroelectric Power Station (SGHPS), a 2,115 megawatts hydroelectric dam.

“I recently laid the foundation stone at Rufiji Hydroelectric Power Station, and I commend Tanzania Electric Supply Company Limited (TANESCO) for starting to utilize equipment from within the country like transformers, electricity poles, and electric wires.”

With the expectation of reaching 5000-10000 MW after the completion of the project, President Magufuli pointed out that this will reduce the electricity price which will lead to the decrease in the cost of investments; enabling locally produced goods to compete in the international market.

“I am aware of all the challenges the industrial sector faces, including multiplicity of taxes from the various authorities but I want to assure you that your government is solving these challenges,” he pointed out, adding: “We have already solved the blue print challenge, and have let go of over 168 taxes. All this is to prove that the fifth phase government is serious and is set to support investors in the industrial sector.”

The President encouraged investors to embrace wheat farming as it is a promising investment that is not well utilized.

“I am urging Tanzanians and all investors from within and outside the country to quickly grasp this opportunity, as there is a likelihood that such chance will not be available in the future. This government is for industrialization and private sectordelevelpoment,” he further remarked.

The President explained that the government cannot conduct businesses as it is supposed to be conducted by the private sector.

“The highest employer in Tanzania is the private sector; the government does not have the ability to hire every citizen,” he pointed out.

This was the reason why the government was creating a conducive environment for attracting private sector investors, he stated.

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Author: MARY RAMADHANI

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