TIC registers 20 projects worth 300bn/- in Lake Zone

TANZANIA Investment Centre (TIC) Lake Zone has encouraged citizens to tap employment opportunities in the area as it records 20 investment projects worth 300bn/- during the 2022/23 fiscal year.

TIC’s LAKE Zone Acting Manager, Mr Girson Ntimba pointed out that all the registered projects will be capable of creating 1, 921 employments once operational.

The projects are expected to increase country’s revenue collection and diversify trade, innovation, tourism as well as economic production at large.

Mr Ntimba made the statement in an exclusive interview with the “Daily News over the progress of investment sector in the Lake Zone.

He said out the total projects, 11 are owned by local investors 5 are under joint venture and the remaining are owned by foreigners.

“This indicates that there is an increasing trend of local investors to invest within the country,” he said.

He expounded that of all the projects registered, manufacturing industries have occupied 65 per cent, including steel industries, fish processing, plastics products industry, mining processing, beverage industry , edible oil industry, ginnery factory  and packaging materials industry.

The remaining 35 percent are occupied by tourism, agriculture, human resource and commercial building investment projects.

He said the TIC always has making efforts to connect small businesspersons and entrepreneurs with big investors so that they can sell their semi-processed products as raw materials to big investors.

Additionally, he commended President Samia Suluhu Hassan for her great initiatives to attract more investments, citing the Royal Tour Film, the 2022 Dubai Expo, and participation in different international and regional economic conferences as among key interventions.

Last year, during the Tanzania Dubai Expo 2022, President Samia used the occasion to welcome all investors across the world to come and establish their businesses in the country.

Commenting, Economic Expert and Analyst at St. Augustine University of Tanzania (SAUT), Dr Isaac Safari argued that investment priorities should be put on industries with multiplier effects.

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