Tanzania: 'Tanzania Doing Well On Investment Front'

Tanzania Investment Center (TIC) says Tanzania is playing an admirable role in creating a conducive investment climate and attracting foreign and local investment despite global business challenges that led to the drop in Foreign Direct Investment (FDI) last year.

The country is also still ahead of other East African countries as the Number One choice for investors, as plans are being implemented to make sure that the country gets more industries to attain middle economy status come 2025.

TIC Executive Director Geoffrey Mwambe (pictured) told reporters in Dar es Salaam yesterday that the trade wars between the world's two biggest economies had led to a 23 per cent fall of FDI, according to a report released by World Investment Report (WIR) in July 2018.

"USA and China are on trade wars like sanctioning one another's products which has put investors at the crossroads, but still the government is applying all efforts making sure that more investments flow," the report reads in part.

The ED further explained that currently, direct foreign investment was at 1.2 billion dollars in 2018 from 1.37 in the preceded year.

Mr Mwambe explained that the government, through TIC, was wide awake to compete even more to implement reforms that will push Investment forward.

"TIC has now shifted to the Prime Minister's office; this means that the centre will be able to oversee, advise and direct on what is to be implemented by other actors like local governments, government's agencies, ministries and regional governments," he said.

He further explained that even though the country's political stability, peace and economic growth facilitated a good investment climate, creating a special ministry for investment and appointing an experienced minister to lead it, gives more confidence to current and prospective investors.

"My office is collaborating with local banks in equipping Tanzanian entrepreneurs with knowledge of running modern business like how to raise capital and accessing loans and linking them with large scale investors so that they can be part of the owners of the economy," Mr Mwambe said.

Mr Mwambe called upon journalists and politicians to be good ambassadors in branding the country in a positive manner as development was for the collective benefit, as tarnishing its image would be disastrous for us all.

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