TANZANIA — THE government has reiterated its commitment to continue strengthening and creating conducive environment for investment in the country, by tackling various sectoral challenges in order to attract more domestic and foreign direct investment projects.
The goal is to make it easier for investors to understand how other businesses and projects are progressing in Tanzania so that they can be attracted to invest in the country.
The remarks were made by the Deputy Minister of State in the President's Office, Planning and Investment, Mr Stanslaus Nyongo, during his familiarization tour to the Tanzania Investment Centre (TIC) on Tuesday in Dar es Salaam.
"As we all know, investment is critical for the country to progress, both domestic and foreign investors are crucial, and this centre is very important in creating an environment for people to come and invest and make the sector successful in our country," said Mr Nyongo.
He appealed to all investors, especially locals, to take advantage of the available opportunities by investing in the country in order to support President Samia Suluhu Hassan's efforts to provide ample opportunities for domestic investors.
Furthermore, he commended TIC for establishing and continuing to facilitate provision of services to investors, including the establishment of a one-stop centre that has merged various government institutions, a move that has reduced the need for investors to visit different offices in search of licensing and authorisation of services.
"So, instead of the investor coming and starting to go around one office after another looking for licenses and various services, those services are now available here, and that is a good thing I have seen, and as a country, we must take pride in the step we have reached," he said.
Mr Nyongo also expressed gratitude to the sixth phase government under President Samia for continuing to improve the TIC, which has been a relief for both domestic and foreign investors, as well as an economic stimulus.
During his familiarisation tour at the TIC, the deputy minister also had an opportunity to discuss various matters with TIC management and other staff.
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According to the TIC, project registrations has surged by 91.6 per cent and stretched to 707 worth of about 7 billion US dollar (approximately 19tri/-) from July 2023 to June 2024, from the 369 worth 5.4 billion US dollar (14tri/-) recorded in the same period of 2022/2023.
The achievement is attributed to the new Investment Act No. 10 of 2022 that acts as the pivotal role in boosting both domestic and foreign direct investment.
