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TIC defies ‘Covid odds’ in Sh2.3trn projects

Friday April 30 2021
TIC PIC
By The Citizen Reporter

Dar es Salaam. The Tanzania Investment Centre (TIC) yesterday said it registered 151 new projects worth $987 million (about Sh2.3 trillion) in the last nine months despite disruptions posed by Covid-19.

The government agency - which is responsible for coordinating, promoting and facilitating investment in the country - said it could have done better without the pandemic.

“We have been promoting different local projects through platforms like the African Investment Forum where there are potential investors,” said TIC executive director Dr Maduhu Kazi when briefing reporters about the agency’s success between July last year and March 2021.

“Covid-19 caused the decrease of investment around the world….without the pandemic, TIC could have done better that this in attracting new investment in the country,” he added.

According to him, the projects created 13,857 new job opportunities.

He said between January and March this year, TIC registered 51 projects worth $451 million which contributed to around 4,272 new employment opportunities.

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He also mentioned establishment of investment desks in different zones as another achievement during the period. The desks are part of efforts to help investors to get correct and relevant information regarding investment near them instead of travelling all the way to TIC Headquarters in Dar es Salaam.

“We got good cooperation from Regional Commissioners and District Commissioners who gave us their officers whom we are going to work with in the areas that TIC don’t have office and we are confident that this is going to help a lot,” he said.

Dr Kazi said TIC will start engaging the Tanzania Private Sector (TPSF) in different forums to get their opinion and feedback about challenges facing investors in the country and see how to overcome them.

Last year, some 87 companies visited Tanzania to explore investment opportunities, he said.

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