Tanzania: Dar Sees Investment Boom

PRESIDENT Samia Suluhu Hassan's recentf foreign visits have attracted significant invest- ments in the country, with a record 9.2 US bil- lion dollars (21.3tri/) investment projects registered in just three months.

The President's trips abroada are part of the country's deliberate efforts to tap into economicd iplomacy for the much-envisaged domestic economic growth.

This was revealed by theP ermanent Secretary in the Ministry of Investment, Industry and Trade, Prof Godius Kahyarara at the State House in Dar es Salaam, yesterday, noting the figure was recorded from March toJ une 28, 2022.

At the event, which brought together cabinet ministers and officials from various ministries, Prof Kahyarara said the projects, mainly from the United State, were registered within a short pe-riod of time, describing it as a big

step as the country throws weight

behind economic diplomacy in

an effort to attract foreign invest-

ments.

"This will have positive

impacts on employment oppor-

tunities... it's true that the Royal

Tour initiative has a big contributions this," the permanent sec-

retary said as he commended the

Royal Tour initiative for market-

ing the country.

Elaborating, Prof Kahyara-

ra said as of 27 June, this year,

Tanzania recorded increased

number of flights arriving at

Dar es Salaam's Julius Nyerere

International Airport (JNIA),

increasing from 93 to 122 per

week, comparing to figures

listed before, during and post

Covid-19 period.

With the government deter-

mined to boost foreign exports

towards Gross Domestic Prod-

uct (GDP) to 30 per cent by the

year 2025, the Permanent Sec-

retary added that the country's

exports currently stand at 10

billion US dollars.

On the other side, the Min-

ister of Livestock and Fisher-

ies Mr Mashimba Ndaki said

the opening of meat markets

in Saudi Arabia and Oman

will bring a multiplier effect to

the country's economy since

National Ranching Company

Limited (NARCO) will be

forced to buy more livestock

from pastoralists and four pro-

cessing industries in the coun-

try which were underutilized

will operate in full capacity.

"We have four meat pro-

cessing industries which were

operating at only 20-30 per

cent of their capacity... . the

reason was limited market," Mr

Ndaki said.

As the country eyes more

investors, the Minister of En-

ergy January Makamba told

reporters that the government

has set aside 1.2bn/- to improve

power supply in the next finan-

cial year.

Earlier, Director of Presi-

dential Communication, Ms

Zuhura Yunus explained

about the Memorandum of

Understandings (MoUs)

signed between Tanzania

and Oman during President

Samia's tour which she con-

cluded recently.

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