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Kudos TIC for achievements

Kudos TIC for achievements

TANZANIA Investment Centre (TIC) has record huge success in signing investment contracts worth trillion of shillings from both local and foreign investors.

On Friday alone, TIC inked six strategic investors performance contract worth $1.1bn that is equivalent to 2.3tri/-, 50 per cent of them being for sugar production projects.

This shows how that with a population of about 60 million people, Tanzania is a huge market for a range of investment establishments and aims to become an industrialized economy and logistics hub for Africa and hence envisioned to be a semi-industrialized country by 2025.

The companies which signed the performance contract were approved by the National Investment Steering Committee (NISC) to enjoy additional fiscal and non-fiscal incentives as provided for in various laws of the land.

As once President Samia Suluhu Hassan said, the government is determined to offer incentives to strategic investors and dismantle hurdles that discourage investors from doing business in the country. The country needs massive investments in manufacturing sector that will subsequently create jobs to majority of Tanzanians

After signing the latest performance contract, the country will see generation of 28,710 direct employments and other 79,000 indirect ones during the execution of the projects. This is laudable and TIC has to proceed in the same pace.

The certificates of incentives were awarded to the strategic investors in three categories, namely locally owned project with minimum investment capital of not less than Tanzania shillings not less than $20m.

Others are wholly owned by a foreign investor or a joint venture whose minimum investment capital is not less than $50m and special strategic investors with minimum investment capital of not less than $300m.

They surely have the capability to significantly generate foreign exchange earnings, produce significant import substitution goods or supply of important facilities necessary for development in the social, economic or financial sectors.

Having opened the country and Tanzania being ready to take off, the country is open for investment in diverse sectors of the blue economy, including deep-sea fishing, port infrastructures, marine transport, gas and tourism. It also requires heavy investment in modern agriculture, real estate and conference tourism.

Investment Opportunities are immense as a vehicle to accomplish the targeted goals. The Geographical location of Tanzania gives the country unique geopolitical and economic advantages and thereby increases the investment opportunities.

The total land of 945,087 square kilometers out of which 886,040 square kilometres is the surface and the remainder is covered by water. All these translate to immense economic benefits and huge opportunities for investment.

Country’s areas of strengths include, but not limited to peace and political stability, stable economy, natural resources, rainfall and water bodies, existing dams and food sufficiency. Kudos TIC for tapping into the opportunities to bring in investors.

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Author: EDITOR

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