THE government efforts to create friendly business and investment environment have increased local investors' investment in industries under the special economic zones and export economic zones by 43 per cent.
Speaking at the presentation during the launch of the business and investment forum in Mtwara Region over the weekend, Senior Investment Promotion and Facilitation Officer at EPZA, Nakadongo Fares said the rising appetite for local investors to invest in industries is a positive sign in endeavour to build industrial economy.
"Most local investors were currently taking advantage of the various incentives provided by the EPZA in establishing industries thus contributing to economic growth," she said.
She said Mtwara is blessed with immense investment opportunities particularly in the cashewnuts production as the region produces over 70 per cent of the product.
"There is still huge untapped potential in the agriculture sector particularly in the cashew nut for local investors to capitalise and establish more agro processing industries," she noted.
Ms Fares said EPZA is tasked to identify and take control of the investment areas as well as provide expertise on the establishment of industries through the special zones.
Most industrialised countries managed to establish strong industrial bases through after allocating sufficient land for developing the export processing zones and special economic zones.
According to EPZA, the total capital investment through the export processing zones and special economic zones projects hit 2.6 billion US dollars, export revenue worth 1.3 billion US dollars and over 50,000 direct jobs created by January this year.
Investment Guides are used to market investment opportunities in the respective region to potential investors by providing investment information to prospective local and foreign firms.
It is observed that, investment opportunities and industrialisation potentials in the regions emanate from the regional characteristics and strength.
Tanzania aspires to become a semi-industrialised economy by 2025, the current national focus is industrialisation guided by frameworks like the Sustainable Industrial Development Policy (SIDP) 1996-2020, Integrated Industrial Development Strategy (IIDS) 2025 and the Five Year Development Programme (FYDPII) 2017/17-2020/21