THE increase in investment projects registered by Tanzania Investment Centre (TIC) is a clear indication that President Samia Suluhu Hassan has won hearts of international investors, analysts have observed.
They are optimistic that the ongoing initiatives that the government under President Samia is taking to improve business and investment climate will bolster the number of domestic and foreign investments to boost economic growth and development.
Their observation comes just a day after TIC released statistics showing an upsurge in the number of investment projects registered by the centre by 26 per cent from 2021 to present.
TIC Executive Director, Mr Gilead Teri attributed the increase to investment promotion campaigns led by President Samia and regulatory reforms to improve the investment climate.
According to him, a total of 575 investment projects worth 8.64 billion US dollars (about 20tri/-) had been registered in the past two years and created 87,187 jobs.
A lecturer of Economics at the University of Dar es Salaam, Dr Abel Kinyondo told the ‘Daily News’ yesterday that the increase in investments was a result of predictability of the regulatory and legal framework of doing business in the country.
“The remarkable achievement indicates that the government has won back the confidence of investors through an improved business environment economically, diplomatically and in the area of peace and security,” he said.
He noted that the regulatory and legal frameworks have shown to be predictable and in this case, predictability bestows confidence to bring capital investments in Tanzania.
According to him, in the long run, the increase in investment projects will lead to a boost in revenue through tax collection and employment.
He said the country needs to effectively prepare its people through the transfer of knowledge, technology and skills.
Dr Kinyondo challenged the government through responsible authorities to continue supporting investors in establishing more investment for the country to be able attain goals stipulated in the Third Five-Year Development Plan (FYDPIII).
His observations were seconded by an Economist-cum-Investment Banker, Dr Hildebrand Shayo, who said registering a big number of projects, was one thing but ensuring that the investments are productive is where the government should direct its force.
He said it will only make sense if all the projects will be realised into production.
“To benefit from the projects it will depend on the actualisation. The government should offset any challenges which may hinder investors from uptake of the investments,” he said.
He pointed to land and infrastructure as key areas that need serious attention by the government on its move to continue attracting more investors into the country.
He further insisted on the issue of incentivising the investors which in turn, attracts more investment but also maintains the flourishment of the investment.
He advised the government to also embark on business intelligence through their own assessment to establish the nature of investment whether they meet the current demand.
For his part, Manager of Capital Markets Advisory Company, Vertex International Securities LTD, Mr Ahmed Nganya said the achievements are results of President Samia’s initiatives to market the country abroad.
“In her trips outside the country, President Samia has been meeting with investors and business personnel, this has played a crucial role in attracting more investments,” he said.