TANZANIA, one of the developing countries in the world, is faring well in terms of attracting investments from all corners of the world.
Data from the Tanzania Investment Centre (TIC) shows foreign investments have been on upward trend, indicating that investors are satisfied with the investment environment.
For years now, Tanzania has been implementing economic diplomacy, an initiative that has positively contributed in opening up the country to the outside world.
Diplomats representing Tanzania in foreign countries have been, day in day out, marketing the country’s investment opportunities in their work stations, an arrangement that plays a pivotal role in attracting foreign investors into Tanzania.
When we speak of economic diplomacy, there is no doubt that President Samia Suluhu Hassan, has been playing a leading role in its implantation.
With 62 million people, Tanzania is not a small market by African standards. Although purchasing power is not that much huge, the economy has been growing steadily at around 5–6% for a number of years.
When investors invest in Tanzania they automatically benefit from an important market which is offered by the East African Community (EAC), which includes, DR Congo, Rwanda, Burundi, South Sudan, Kenya and Uganda and has over 93 million consumers.
The EAC customs union gives Tanzanian exports to its six partner’s duty-free access.
But, beyond the EAC, there are at least three other markets to which investors in Tanzania have access. One is the Southern African Development Community (SADC) with close to 400 million consumers and another is the United States, to which Tanzania has access under the provisions of the African Growth and Opportunity Act (AGOA).
Another advantage that investors in Tanzania have is the abundant resources and opportunities. Tanzania is endowed with abundant arable land, skilled manpower and friendly legal framework, all of which place the country on the competitive advantage over other EAC nations when it comes to investments establishment.
But, above all Tanzania has enjoyed political stability throughout the period since independence and is strategically located as it borders eight African countries. The country has a coastline stretching more than 1,400 km.
The port of Dar es Salaam is an important gateway to other neighbouring countries, meaning that traders can ship goods outside the country with ease.
To be able to continue benefitting from all these, we should continue improving transport and communication infrastructure.
There is no doubt the government is doing its best in improving transport infrastructure such as construction of road, railway, ports and airports but given the vast nature of the country’s land mass, more efforts should be made in this aspect.
Above, all, Tanzanians should take note that peace and tranquility are key aspects in attracting investments from outside. Every individual has the civic duty to make this country a safe place to live.