21 September 2017

Tanzania: Big-Time Investors Pump in $4.250bn

TANZANIA has attracted nine big investments during FY 2016/17 worth $4.259bn compared to FY 2015/16 valued at $5.89bn only, according to data from the Tanzania Investment Centre (TIC).

In an exclusive interview with the 'Daily News' in Dar es Salaam yesterday, TIC Public Relations Manager Pendo Gondwe, said global reports rank Tanzania among the best destinations for investment in Africa.

Ms Gondwe also disclosed that newly registered investments each accounts for not less than $100m, citing the key areas that had attracted investors as agriculture, fishing, energy and constructions and transportation - all of which reflect the country's focus towards industrial economy.

However, she rubbished reports that Tanzania was an 'unfriendly investment environment' and advised Tanzanians not to join those painting a bad image about the country. Ms Gondwe said the nine big investors registered in 2016/17 were from the United Kingdom, India, China, Libya, Iran, Mauritius, Congo and Luxembourg.

The World Economic Report 2017 ranked Tanzania top in East Africa for receiving foreign direct investments (FDIs) worth $1.35bn, followed by Uganda $541m, Rwanda $410m, Kenya $394m and Burundi $0.1m.

Citing Quantrum Global Research Lab; African Exponent's Most Attractive Investment Destination in Africa; and Fontera's latest reports which ranked Tanzania among the top 10 best African countries for investment, she said the growth of economy, market size and conducive environment were the secret behind the achievement.

"Stability of economy, peace, market size and business environment are factors that make Tanzania to attract big investors," she added. "Apart from promoting its 'One Stop' Centre department at TIC, it has reduced long bureaucratic red-tape in the country's investment climate in the country and this has attracted and built confidence to the investors," she explained.

The One-Stop Centre, according to Ms Gondwe, is made up of officials from various government entities including Tanzania Revenue Authority (TRA), Business Registration and Licensing Agency (BRELA), saying "investors have no need to knock at each office since these services are under one roof of TIC."

However, TIC has promoted six projects worth above $50m each, owned by locals and foreigners investors, to 'Strategic Investment Status.' Ms Gondwe noted that Pan African Multi-Speciality Health Centre, Goodwill Ceramics, Sayona Fruits, Mihan Gas, Twyford and Hengya Cement, had been considered as strategic projects because they were expected to provide more direct and indirect employment and boost other sectors including agriculture.

Apart from the 2017 reports that indicate Tanzania as the best place for investment, the "Where to Invest in Africa 2018 and RMB's Investment Attractiveness Index," findings show that Tanzania has jumped to the seventh slot from the ninth position due to improved business environment, steady growth and war against corruption.

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