Tanzania registered $2.98 billion in investments in five months starting in March this year, representing a growth of close to six times compared to the same period last year.
The government spokesperson, Mr Gerson Msigwa, said yesterday that the country registered 133 new projects valued at a total of $2.98 billion (about Sh7 trillion) between March and August 2021.
Mr Msigwa made the statement when addressing the media in Dodoma at his weekly briefing, saying a report by the Tanzania Investment Centre (TIC) says that the 133 new projects were 28 more than the 105 projects worth $510 million, and which were registered during the same period last year (2020).
“Most of the investments are directed at agriculture, construction, trade, energy, infrastructure, finance, financial institutions, transportation, tourism and services sectors,” he said in a live broadcast.
Mr Msigwa attributed the increase to measures taken by the government through TIC that include introduction of one-stop services at TIC.
The move has put 12 government institutions – including the Tanzania Revenue Authority (TRA), Business Registration and Licensing Agency (Brela), the Tanzania Electric Supply Company (Tanesco) – under one roof, thereby reducing inconveniences to investors.
The government has also introduced the Tanzania Investment Window (TIW) that provides room for prospective investors from across the world to register investments online. “At least 273 pieces of land covering 159,721 hectares have been surveyed in different regions, thus easing land acquisition processes to prospective investors.
“Also, customer services at the TIC have been significantly improved,” he said.
Mr Msigwa – who is also the Information Services Department director – said 36 projects (27 percent of the 133 projects) have been registered by individual Tanzanians, while 34 others (25.56 percent) are partnerships.
He named some of the projects being implemented as the $180 million (Sh423 billion) fertiliser factory in Dodoma, with an annual capacity to produce 500,000 tonnes of fertilisers, and employ 3,000 workers.
Mr Msigwa said an Egyptian firm has invested in development industrial parks, thus not only creating jobs, but also produce goods and reduce imports.
“S. J. Sugar Company is investing in sugarcane production at Kitere Village in Mtwara Region. It is in the final stages of land acquisition before starting production,” he said – adding that the $300 million project is being implemented by the Mufindi Paper Mills under Rai Sugar in Kasulu District, Kigoma Region.
He said President Samia Suluhu Hassan would like more investments in assorted projects that create a win-win situation. Prospective investors are, therefore, encouraged to choose Tanzania as the preferred investment destination.
“Investors are assured of reliable markets due to the country’s rapid population growth, as well as its membership in the East African Community (EAC) and the Southern African Development Community (Sadc),” he said.
He said the country has recently ratified the African Continental Free Trade Area (ACFTA) protocol and that it has signed several agreements allowing locally produced products to be traded in China and the US.
SOURCE: THE CITIZEN.