300 projects identified for possible strategic investors

Dar es Salaam. Investment promotion stakeholders are targeting to identify, profile and promote 300 projects to possible strategic investors in a three-day workshop that will start on November 14, here in the city.

This was revealed yesterday during a press conference organized by Phimona Ltd, a marketing communication consulting firm, through Tanzania Investment Promotion Exhibition and Conference (Tipec).

The move, according to Phimona chief executive officer Rodgers Mbaga follows challenges impeding the country in identifying and promoting various projects.

The workshop, whose entrance fee stands at Sh2.5 million per pavilion, was meant to convince investors to come and inject their money into the projects.

Mr Mbaga was positive the initiative would be achieved through using various campaigns and Tanzania’s ambassadors to woo investors. “Through the workshop, we are committed towards marketing the projects to various investors across the world, in a bid to support the fifth government’s industrialization drive.”

“The government is doing its best to make business environments friendly. The remaining task now is identification and promotion of projects so as to attract strategic investors,” Mr Mbaga told reporters.

The event was also attended by representatives from Tanzania National Business Council (TNBC), Export Processing Zone Authority (EPZA), Tanzania Trade Development Authority (TanTrade), Tanzania Chamber of Commerce Industries and Agriculture (TCCIA), National Development Corporation (NDC), Tanzania Broadcasting Corporation (TBC) and Tanzania Standard Newspapers (TSN).

NDC investment manager Said Tunda noted that by marketing local projects, it would leverage on addressing the challenge of industrial financing.

“As things stand, financing new projects is a huge challenge in the country. This is partly because majority rely on commercial banks to finance their businesses,” expounded Mr Tunda. “Capital can be raised through partnership with local foreigners. It is hard for commercial banks to finance new long term projects whose return takes long,” he said. The challenge, according to Mr Tunda, is how to get partners and financiers.

To bolster foreign partners’ confidence, Phimona and NDC said they were ready to help local investors in preparation of attractive business proposals that would ensure win-win situation for both parties.