20 October 2018

Tanzania: U.S. Business Delegation to Jet in for Investment Exploration

A DELEGATION of 12 businessmen from the United States of America is due to arrive in the country to explore available opportunities for investment.

The investors, representing 12 reputable companies from the State of Florida, will spend three days in Tanzania as they look for business prospects in the country.

Briefing reporters, yesterday, the Tanzania Investment Centre (TIC) Executive Director, Mr Geoffrey Mwambe, said the delegation is due in the country on November 7, this year, with the sole purpose of exploring myriad of potential areas to invest in the country.

"This is going to be one big delegation of businessmen from the US looking forward to invest in our country," he explained.

Mr Mwambe insisted that Tanzania was committed to continue creating conducive environment for business for the country's economic prospects. According to the TIC Executive Director, it was equally important to engage and strengthen the private sector in running the economy. "It is high time the private sector takes charge of the economy," he added.

The delegation comes as Tanzania approved an investment blueprint that has amended laws and regulations that govern the conduct of businesses in the country. In May, this year, Ministry of Industry, Trade andInvestment, published a Blueprint for Regulatory Reforms to Improve the Business Environment dated December 2017.

The Blueprint provides the Government's main framework for enabling a holistic review of the business enabling environment (BEE) in order to improve the business climate in Tanzania.

It presents key challenges affecting the business environment in Tanzania, along with a set of recommendations for reform to put in place a more business friendly environment. Among other things, the Blueprint lays down the foundation for the Fifth Phase Government's resolve to achieve an industrial economy for Tanzania.

The Charge' d'Affaires of the US Embassy in Tanzania, Dr Inmi Patterson, underscored the importance of engaging the private sector in realising the country's clamour of becoming an industrialised economy.

She added that the US government will continue to support Tanzania's quest as well as developing the skills of the workforce. Tanzania still remains the preferred destination for foreign investment in Africa.

According to a 2018 World Investment Report by the United Nations Conference on Trade and Development (UNCTAD), in 2017, the inflow had reached 1.18 billion US dollars, down by 13 per cent compared to the previous year, but the country is still among the 10 biggest recipients of FDI in Africa.

This decrease is due to policy changes in tax administration and mining royalty. The current FDI stock is estimated to be around 20.3 billion US dollars.

In 2017, Tanzania approved new regulations in the mining sector that allow the government to tear up and renegotiate mining contracts, partially nationalise mining companies, introduce higher royalties, enforce local beneficiation of minerals and bring in strict local-content requirements, which could put foreign investments at risk.

Countries like China, India, Kenya, United Kingdom, Mauritius, Oman, United Arab Emirates, Canada and the United States still remain among Tanzania's primary investors.

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