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TIC registers 1,312 investment projects in four years

TANZANIA Investment Center (TIC), has registered a total of 1,312 investment projects which are estimated to have consumed over 20bn/-US dollars in the past four years.

TIC Executive Director,  Geoffrey Mwambe told journalists in Dar es Salaam yesterday that the projects were recorded between June 2016 to June 2020, and attributed the efforts to fifth phase government that promoted with favourable investment opportunities.

Among the 1,312 registered projects, 28 percent of them are owned by locals, 43 percent by foreigners and 29 percent were registered as joint ventures owned by the two parties.

"The projects which have seen some already implemented, will create more than 178,000 direct jobs for the locals nearly a million more as indirect jobs…this success  is due to tireless efforts of the government, where TIC has been putting in place conducive environment to attract investors,” he added.

Mr Mwambe said industrial processing projects estimated as 54 percent are leading in the registered investments, that implied that the government was walking its talks.

He said the milestone step was as a result of the government institutions and ambassadors representing Tanzania abroad promoting communication and working as a team.

"During the period, TIC coordinated one stop facilitation center, where 10 government institutions and authorities coordinated with our premises, thus saved investors time to commute with documents from one office to another,” said the Executive Director.

Mr Mwambe said several issues such as processing of work and residential permits, customs’ issues, and business and company registration were all simplified within TIC umbrella in the last four years.

He identified another advantage as TIC acquiring the powers to facilitate investors’ applications and clearance certificates fast enough through Information, Communication and Technology (ICT), using online platforms as well as adjusting to government electronic payments.

"Government institutions like Tanzania Electricity Supply Company (TANESCO), cooperate with TIC to ensure speedy connection of electricity to proposed industrial areas," he added.

The Director mentioned another area as environment, where Environmental Impact assessment is routinely done for an investor and issued with provisional certificate.

MASSIVE investments in road infrastructure ...

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Author: JAMES KAMALA

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