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Investments yield 36.3tri/-

TANZANIA has recorded a total of 1,174 investment projects worth 15.8 billion US dollars (about 36.3tri/-) in four years of President John Magufuli’s administration.

The Tanzania Investment Centre (TIC) released a report on Thursday in Dar es Salaam, showing a total of 159,833 jobs created from those investments.

During the past two years, China overtook the UK as having the largest capital size of investments.

The data shows that in all, Chinese investors established 723 investment projects valued at 5.96 billion US Dollars (about 13.7 tri/-) and have employed 87,126 people between 1990 and last year.

TIC Executive Director Geoffrey Mwambe said the UK comes second with 936 projects worth 5.5 billion US Dollars (about 12.8 tri/-), but created 274,401 jobs.

Mr Mwambe further noted that the USA was placed at third place with 239 projects worth 4.7 billion US dollar (approximately 10.9 tri/-), employing 51,836 people.

He was speaking during a press conference to outline achievements made during the past four years of Fifth Phase government.

“Due to government efforts to build strong bases of good investment atmosphere in the country, the government has succeeded attracting big investments in various economic sectors. These have enabled to generate big benefits to the government and the citizens in general,” he said.

It was part of serial news conferences organized by the Tanzania Information Services (TIS) meant to invite different government institutions to explain what they have done and achieved since Dr Magufuli came to power.

“Over a half of the registered investment projects are in the industrial sector,” Mr Mwambe stated.

He elaborated that the number of industrial-related projects were 626 (53 per cent).

Other sectors with large investments include commercial buildings (10 per cent), transport (9 per cent), tourism (7 per cent), services (6 per cent) and others constitute 5 per cent.

TIC explains that tiles and fresh juice industries have increased markets for the local raw materials to a large extent, since 90 per cent of them used in those industries are from within the country, thus leading to creating direct jobs for Tanzanians.

Due to increased investments in the industrial sector, many Tanzanian investors have ventured into the transport sector, transporting goods from the industries to various regions and neighbouring countries such as Kenya, Burundi, Congo and Zambia, and thus contributing to increasing foreign currency.

He further explained that newly established investment projects had also led to increased government revenue collection.

TANZANIA has turned its focus on direct cargo ...

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Author: BERNARD LUGONGO

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