TIC aims Japan investments to reach 260bn/- next year

DAR ES SALAAM: THE Tanzania Investment Centre (TIC) is committed on boosting Japan investments in Tanzania to 100 million US dollars (260bn/-) by December 2025 from the current 42 million US dollars (109bn/-).

In a statement following the on-going Tanzania investment promotion in Japan which was released recently, TIC’s Executive Director, Mr Gilead Teri said Japanese investors can invest more in Tanzania by leveraging a favourable business atmosphere featured by the New Investment Act of 2022 adopted by the government under President Dr Samia Suluhu Hassan.

He said currently the TIC’s delegates led by him are in Japan to make Japanese strategic manufacturers informed on various Tanzania’s business reforms, lucrative investment opportunities and their incentives.

According to TIC, The Tanzania investment promotion mission which started on May 26 this year in Japan through seminars and discussions highlights various sectors including manufacturing, energy, real estate, infrastructure, agro-processing and pharmaceutical. It will be concluded on June 7.

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He said the investment promotion mission enables TIC to strengthen partnership between Tanzania and Japan investors in setting investments and businesses at large.

Furthermore, he said the TIC will set aside land for Japan and Tanzania’s investors for establishing a joint industrial park which accommodate industries from the former such as automotive assembly and other machines.

“We are visiting Japan’s strategic manufacturers to welcome them in Tanzania,” he said.

Mr Teri expounded that his delegation already met giant Japan’s companies including Toyota, Toppan, Fujistu, Seiko, Epson, Sumitomo, Marubeni, JGC Corporation, Tshusho and Mitsubishi Corporation.

More notably, Mr Teri noted that as a result of the visit, TIC will get the Japanese resident investment consultant who will be coordinating the Asian country investment activities in Tanzania.

Furthermore, he said in October this year TIC is expected to receive 100 Japanese investors who will come to explore construction opportunities in Tanzania.

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