INDIA, New Delhi President Samia Suluhu Hassan has urged Indian investors to come to Tanzania, promising a business-friendly environment and progressive economic reforms.
The Head of State made the appeal in an address to leading Indian investors at the Tanzania- India Business and Investment Forum in the capital New Delhi on the second day of her 3-day state visit to India.
The Head of State said Tanzania is implementing Africa’s most ambitious and progressive economic reforms, leveraging the private sector and investments as catalysts for economic growth.
As part of the far-reaching reforms, Tanzania has deployed technological solutions that allow foreign investors to register their businesses and receive investment incentive approvals online prior to their arrival.
Tanzania has also streamlined its business regulations, making it easy for investors to comply and provides robust incentive packages to investors.
“We have moved from registering $2 billion of FDI in 2020 to $5 billion in the year ending June 2023. We target to reach $15 billion per year by the end of 2025,” she said.
Since 1997 to date, Tanzania has reached a stock of over 3.87 billion US Dollars of investments from India, with a total of 675 projects and over 61,000 jobs delivered, making India one of the top five investors in India.
President Samia said investment promotion agencies in Tanzania Mainland and Zanzibar target to attract at least $3 billion of foreign direct investments (FDI) from India per year by 2025.
President Samia informed Indian businessmen that both the Tanzania Investment Centre (TIC) and Zanzibar Investment Promotion Agency (ZIPA) have established a special desk for India with dedicated staff to prioritise and support investors from India.