Tanzanians urged to seize new investment boom
DAR ES SALAAM: THE government has called upon the citizens to take full advantage of the vast economic opportunities available across the country, stressing that it is now ten times easier for Tanzanians to invest than ever before.
The improved investment climate follows the enactment of the new Investment Act, 2022, by the sixth-phase government under the leadership of President Dr Samia Suluhu Hassan.
The new law slashed the minimum capital requirement for local investors to 125m/-, which is ten times lower than the 1.25bn/- required for foreign investors.
Before the new legislation, domestic investors were required to have a minimum capital of 100,000 US dollars (over 248m/-).
Tanzania Investment and Special Economic Zones Authority (TISEZA) Director General, Mr Gilead Teri, made the remarks yesterday during a special meeting with Editors in Dar es Salaam to brief them on the country’s current investment environment.
He further noted that various incentives are in place for local investors, including access to free land for projects, as the country has about 30,000 hectares earmarked for investment across all regions.
“Today, a Tanzanian can fill out a three-page form and get registered as an investor for the same business that a foreigner would need to present a detailed business plan and bank statements to prove financial capability. It is that easy,” Mr Teri stressed.
He said the main goal of TISEZA by the year 2030 is to position Tanzania as the leading investment destination and the strongest economy in East and Central Africa, with Tanzanians holding over 50 per cent of investments.
“Through our strategic plan, we have resolved to use investments and exports as key drivers in positioning Tanzania as the region’s leading economy,” Mr Teri said.
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Mr Teri said TISEZA intends to register 1,500 projects worth 15 billion US dollars (over 37tri/-) by June 2026.
He said he was optimistic with the ambitious targets as of today Tanzania has successfully emerged as the leading trader partner with almost all East Africa’s countries including Kenya, the Democratic Republic Congo (DRC) and Uganda.
The DG further said by the end of this year (2025) TISEZA will establish an Export Processing Centre responsible for connecting domestic investors with sources of raw materials, required sophisticated machines and overseas markets in order to elevate both local investments and exports.
Mr Teri said robust exports will create more jobs for citizens, allow domestic investors to enjoy lucrative prices in the international markets while generating foreign currencies and the government’s revenues.
TISEZA’s Acting Director of Investment Promotion, Mr George Mukono said TISEZA through its Special Economic Zones (SEZs) has listed priority sectors for investment including textile, pharmaceuticals, furniture, car assembling, agro-processing and manufacturing of fast-moving consumer goods as basis for supporting implementation of the upcoming National Development Vision of 2050 in which Tanzania envisions to attain a trillion-dollar economy.
The investment authority recently lunched five SEZs namely Buzwagi SEZ in Shinyanga spanning 1,333 hectares, Bagamoyo Eco Maritime City SEZ (151 hectares), Kwala SEZ in Coast Region (40.5 hectares), Nala SEZ in Dodoma (607 hectares) and expanding the existing Benjamin William Mkapa SEZ in Dar es Salaam with over 13,000 square metres.
All five SEZs are strategically connected to ready-built infrastructure including power supply, water, roads, telecommunications, dry ports like Isaka in Shinyanga and Kwala in Coast Region as well as the Dar es Salaam Port.
Plans are also on-going to integrate them with the electrified Standard Gauge Railway (SGR) which is under construction.
