PRESIDENT John Magufuli has invited investors from Nordic and African countries to seize investment opportunities in Tanzania, describing the country as an ideal place to put capitals.
President Magufuli said Tanzania has taken various measures to improve investment climate with the target of attracting more investors.
Speaking in Dar es Salaam at the official opening of the 18th Africa-Nordic Foreign Ministers’ meeting, Dr Magufuli said it was important for African nations to create enabling environment to attract more capitals and trade.
He said Tanzania has reviewed various legislations and investment regulations as well as enacting new laws to attract and protect serious investors in various sectors.
“We have the special ministry under the Prime Minister, dealing with investment related issues, the aim is to facilitate investment coordination in the country,” he said.
President Magufuli further noted that the government was currently executing the blueprint for regulatory reforms to improve business environment in the country.
Other efforts include allocation of special industrial zones, export and processing zones as well as special economic zones.
He said through recognition of infrastructure as the business and investment catalyst, the government is currently constructing and rehabilitating transport and transportation infrastructure, including railways, roads, marine and aviation.
“We are constructing the Standard Gauge Railway (SGR), we have revived our national airline and installed radars in our airports to enhance airspace security. We are also improving our ports in Dar es Salaam, Mtwara and Tanga,” he said.
The president further said in efforts to minimise production costs, the government is executing the mega Rufiji Hydropower project that is expected to generate 2,115 megawatts.
He said the government is also committed to fight corruption, which is adversely affecting businesses.
Foreign Affairs and East African Cooperation Minister Palamagamba Kabudi said the meeting was expected to discuss ways of advancing peace and security as well as promoting trade and investment between Africa and Nordic countries.
He said this year’s meeting under “Partnering for Sustainable Development,” theme, offers opportunity to assess where their partnership stands in implementing the 2030 agenda for Sustainable Development Goals and agree on the way forward.
“For realisation of the 2030 agenda for sustainable development, there is need for continued joint efforts...it’s evident that no single country can be self-sufficient in all areas— natural resources, finance or human resources,” Professor Kabudi said.
He said there is need for combined efforts for their common goal of not leaving any one behind in realisation of 2030 agenda.
Professor Kabudi said the meeting will feature two thematic areas, including advancing peace and security—the African-Nordic responses to local and global threat and promoting cooperation on trade, investment and social services delivery for sustainable development.
“It is our expectations that out of these discussions, we will come out with deliberations on how to improve trade and investment relations between Africa and Nordic countries as well as promote peace and security,” he said.
The meeting was attended by 29 African countries and five Nordic countries—Denmark, Finland, Iceland, Norway and Sweden.