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What 7tri/- projects means

What 7tri/- projects means

TANZANIA has in the past six months registered 133 big investment projects worth 2.98 billion US dollars (about 7tri/-), compared to 105 projects valued at 510 million US dollars (about 1tri/) recorded in the corresponding period last year .

The Government Chief Spokesperson and Director of Information Services, Mr Gerson Msigwa said yesterday that the massive scale up is owed to major improvement undertaken by the government in creating a conducive investment environment.

“The newly-registered investments are expected to create 29,709 employments to Tanzanians, as compared to 8,252 jobs created during the same period last year,” said Mr Msigwa.

He observed that out of 133 projects, 36 are local investments (27 per cent) and 34 projects (25.6 per cent) are derived from joint ventures between Tanzanians and foreigners.

During the year 2020/21 the Tanzania Investment Centre (TIC) registered 235 investment projects, as compared to 219 projects, which were registered in 2019/20.

According to the World Investment Report 2020, Tanzania received investments which amounted to 1 billion US dollars (over 1.2tri/-), accounting for the largest investment in the whole of East Africa.

Mr Msigwa noted that the initiatives taken by the government have continued to reap huge benefits, with prospects showing that the investment pattern will continue to increase as well as the creation of more jobs for the majority of citizens.

“All this is going on in the face of Covid-19, whereby many countries are trying to recover their economies…we, on the other hand, are glad that the investment pattern in our country is going on well,” stated Msigwa.

He pointed out that in the previous times, Tanzania has received many investors in sectors including agriculture, trade, economy, finance, industry and transport among others.

He, however, disclosed that the government has continued to make major improvements to further attract more investors to come to the country.

The country has improved in areas such as TIC call centre and one stop facilitation centre, whereby all relevant services needed to invest in the country can be accessed under the same roof.

Other reforms have been carried out in the area of registration by introducing an online platform dubbed as Tanzania Investment Window, to enable an investor to file their application at their own localities.

“TIC has identified 273 plots, each comprising 160,000 hectares to relieve the investor from facing the problem of securing land to start an investment project,” he stated.

Efforts which have been taken by the government to improve the country’s investment environment have seen investors coming to invest in Tanzania.

Among them include an investor from Burundi, who is establishing a fertiliser industry in Dodoma with a capacity of 500,000 tonnes at a value of 180 million US dollars (423bn/-) and it is expected to create over 3000 jobs.

Mr Msigwa also identified another investor Elsewedy Electric Company from Egypt, who has agreed to invest in the country’s various industrial parks.

SJ Sugar Ltd has expressed interest in sugarcane farming in Mtwara, whereby Mufindi Paper Mills Ltd under Rai Sugar has invested 300 million US dollars (about 7bn/-) in the production of sugar in Kasulu, Kigoma Region. H

e welcomed more investors to come and invest in Tanzania, citing the many advantages which can be attained in the country including a market of more than 60 million in the country and 300 million people within the East African Community (EAC) and Southern African Development Community (SADC).

Since stepping into power, President Samia has taken a number of measures to improve the country’s investment climate.

In April, the Head of State ordered sweeping reforms in the investment sector, as part of the government’s grand plan to restore investors’ trust in the country.

Also, President Samia called on the Tanzania Investment Centre (TIC) to come up with One Stop Centre, to coordinate investors’ needs under one roof, saying there was no need for investors to hustle around various institutions to secure business certificates and permits.

At the same time, she expressed her concerns over the issuance of work permits, saying there was a bureaucracy that was discouraging and chasing investors away.

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