TATOA applauds Samia’s efforts to attract more investments

DAR ES SALAAM: THE Tanzania Truck Owners Association (TATOA) has applauded efforts made by President Samia Suluhu Hassan to attract more investments in the country.
“The investment sector has improved in three years of President Samia Suluhu Hassan’s leadership, which has attracted both local and foreign investment in the country,” said TATOA Chairman, Mr Elias Lukumay.
Under the leadership of President Samia, the government has made significant strides in ensuring that investment in the country grows and contribute significantly to the country’s economy.
Mr Lukumay made the remarks during a celebration of the fifth anniversary of Xerin Logistics Limited and iftar dinner held in Dar es Salaam on Friday. The event brought together various people, including orphans and people with disabilities
He said during her tenure a number of youths invested in various sectors including logistics businesses in the country.
According to the Tanzania Investment Centre (TIC) Quarterly Investment Bulletin of October – December 2023, Foreign Direct Investments (FDIs) accounted for 50.34 per cent of total approved investments or 703.00 million US dollars.
In comparison, Domestic Investments (DI) accounted for 49.65 percent of total approved investments or 693.25 million US dollars, where the DI experienced a substantial increase of around 201 percent from quarter two in 2022 to quarter two in 2023.
Mr Lukumay also encouraged Tanzanians particularly youth to take advantage of the existing opportunities such as presence of ports to make investments.
“Tanzanians should take advantage of Dar es Salaam Port being around in our geographic location to make investment in various sectors… and this is the only way to support the president in boosting the country’s economy,” he added.
He further said the country cannot be built by other people than Tanzanians themselves, adding Tanzanians have the responsibility to build their country by engaging in various investments.
For his part, Xerin Logistics Limited Managing Director, Mr Hussein Ramadhan, commended the efforts by the government in creating a friendly climate for the businesses in the country.
Xerin’s boss said President Samia made a number of efforts to open up the country in her tenure, adding that even the number of imports through Dar es Salaam Port increased.
“Through that we (Xerin) have seen the opportunities to invest in logistic business to transfer goods from Dubai to Tanzania,” he underlined.
Mr Ramadhan also pleaded with the government to create single-window systems, so that payments could be made easier once the products were imported, claiming that doing so would lessen inconvenience.

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