Tanzania: Dar Braces for Investments Surge

PRESIDENT Samia Suluhu Hassan's order to create a conducive investment climate will in the future see the Tanzania Investment Centre (TIC) handle 'floods' of new investors.

This is according to TIC Executive Director Dr Maduhu Kazi, who oozed confidence yesterday that the future is bright as the Investment Centre continues implementing President Samia's directives regarding creating a business environment to attract Foreign Direct Investments (FDIs).

In the first 100 days of her reign, President Samia has stressed the need for putting in place a conducive and supporting business environment and investment climate,directing the TIC and other institution with the sector to work diligently.

Dr Kazi commended the president's call for changes in the Investment Act and other laws, saying the move may entice and bring a huge wave of investors into the country.

"We expect massive floods of investments in the future upon implementation of all the president's directives," Dr Kazi said, noting that the TIC had already implemented some which involved administrative actions during the 100 days of President Samia leadership.

He said the centre has also adopted the use of Information and Communication Technology (ICT), to enable investors to submit their applications and receive certificates of investment online within a day.

The TIC in collaboration with the Ministry of Lands, Housing and Human Settlement Development have, on the other hand, earmarked enough and strategic areas for that purpose.

"Under this collaboration, 1.5 million hectares of land has been earmarked for investment during this period," he revealed.

The government has meanwhile established a call centre through which, the potential investors get information over procedures to invest.

According to Dr Kazi, the centre has largely contributed to attracting new investors during the 100 days of President Samia in power, noting that since the centre became operational three weeks ago, a total of 100 calls were attended.

He said the centre has registered 93 big investment projects worth 1.6 billion US dollars (about 3.6tri/-) between March and June, this year.

This represents a 36.7 per cent rise in investment projects compared to the corresponding period last year, when a total of 68 projects, worth 321 million US dollars (738bn/-) were registered.

The newly-registered investments are expected to create 17,670 employments to Tanzanians as compared to 5000 jobs created during the corresponding period, last year.

Apart from political will, the sixth-phase government has been walking the talk by ensuring that results occur positively in the business and investment sector.

The government targets to create a total of 8 million jobs by 2025 as stipulated in the ruling CCM 2020/2025 manifesto.

In her first speech to the Parliament, during which she gave the direction of her government, Ms Samia pointed out various measures to attain the mentioned goals, including reviewing investment laws in a move to attract more investments.

In line with this, she pledged that her government would address challenges hampering smooth access of capital for investors and entrepreneurs.

She vowed to remove bureaucracy delaying investments, including issuance of work permits and licences.

President Samia said the government will effectively implement the blueprint, aimed at bringing regulatory reforms to improve the business environment.

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