8 May 2018

Tanzania: Dar Registers 2.4trl/ - New Mega Investment Projects

Photo: Daily News
The East African Legislative Assembly (EALA) hails the efficiency at the Dar es Salaam port. (file photo).

THE Tanzania Investment Centre (TIC) registered 89 new major projects valued at 1,057.37 Billion US Dollars (2.4tri/-) between January and April, 2018, thanks to improved investment environment.

TIC Executive Director, Geoffrey Mwambe told a news conference in Dar es Salaam, yesterday, that the projects are expected to create 18,000 employment opportunities in three years of their implementation.

According to him, the country was on track towards realising the industrial economy dream, as many of those projects were centred on investing in industries followed by transport, construction sector, agriculture and real estate, among others "We are glad that these investment projects will increase employment opportunities and for the country to realise its ambitious target of middle income economy, it has to create more employment opportunities," he said.

The TIC boss assured local and foreign investors of any assistance to facilitate investment in the country, adding that the country's investment environment was good due to robust and stable economy.

"Stability of economy, peace and business environment are factors that make Tanzania to attract big investors," he added.

According to him, in promoting TIC's 'One Stop' Facilitation Centre department, the investment centre has reduced long bureaucratic red-tape in the country's investment climate and this has attracted and built confidence to more investors.

The One-Stop Facilitation Centre is made up of officials from various government entities including Tanzania Revenue Authority (TRA), Business Registration and Licensing Agency (BRELA), among others, whereby investors have no need to knock at each office's door to obtain services that are now under one roof of TIC.

According to new growth projections presented by researchers at Harvard University's Centre for International Development at (CID), the economic growth projections are optimistic about Tanzania's new growth in East Africa and the world in general.

The recent growth projections placed Tanzania at position five in the world with super economy growing at between 6.8 and 7.2 per cent. On average Tanzania's economy is growing by 7 per cent annually.

According to Mr Mwambe, initially, TIC had four zonal offices of Mwanza, Mbeya, Dodoma and Kilimanjaro but already the centre had launched new offices in Mtwara, Dar es Salaam and Kigoma and deployed staff to the new offices since April 1.

He added that in ensuring that they attract more investors, already Tanzania and The Netherland have agreed to partner in various investment projects and that in the next few days, TIC and Holland business community will sign a Memorandum of Cooperation (MoC).

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