Invest in Tanzania, locals told

Dar es Salaam. The government has embarked on a review of its investment policy and law, and urges the business community to ensure that their presence is felt in the re-evaluation process.

Tanzania adopted the extant National Investment Promotion Policy in 1996, and enacted the Tanzania Investment Act in 1997.

This was meant to open almost all the sectors of the economy to foreign and private investors alike.

The minister of State in the Prime Minister’s Office (Investment), Ms Angellah Kairuki, told the 19th Annual General Meeting (AGM) of Tanzania Private Sector Foundation (TPSF) at the weekend that the review seeks - among other issues - to boost participation of local investors in the country’s economy.

“It is through the participation of TPSF that we will be able to find solutions to business and investment challenges,” she said.

In the event, the policies and laws governing investment would not only focus on foreign investors, but also local investors.

“I hope that the TPSF will embrace patriotism by investing in the country. This is why we want amendments in our policies and laws to ensure that local investors are prioritised,” she said.

Ms Kairuki noted that the government has earmarked key interest areas for the private sector. These include establishing industries, developing and strengthening infrastructure projects as well as taking part in upgrading policies, laws and other regulatory frameworks governing investments in general.

TPSF chairman Salum Shamte said the meeting was a success - and thanked the government for its continued support, promising to work on all the suggestions and directives. The TPSF executive director, Mr Godfrey Simbeye, also thanked the ministry for the opportunity to participate in updating investment policies and laws - adding that when effectuated, the changes would go a long way in addressing the challenges the sector is currently facing.