Arusha investor lauds govt’s facilitative role

Arusha. A local investor has lauded the government for putting in place a conducive environment for investment.

This, according to an Arusha-based Hanspaul company, has seen an increased flow of investments from within and outside the country.

“Beneficiaries have mostly been the local investors and the economy,” said Mr Satbir Hanspaul, the director general of the firm.

He made the remarks during an awareness campaign targeting local investors by the Tanzania Investment Centre (TIC).

Also roped in are the ministries of Industries and Trade and that of Economic Planning and Investment.

“The investment climate is conducive, such that local businesses have to take advantage to boost the economy,” he added.

He cited tourism as one of the promising sectors for investments by private sector companies.

“Tourism is the leading sector in foreign exchange earnings and has a great potential for job creation,” Mr Hanspaul explained.

Hanspaul Company, which assembles tourist vans, has employed over 200 people at its assembly plant in Arusha.

In all, a total of 600 people have been employed by Hanspaul Group of companies in its different production sectors.

TIC manager for advocacy for local investments, Felix John, said the campaign expects to reach out to local firms with potential to invest.

Under it, the local firms are being encouraged to invest in an array of production projects deemed to have great potential.

“We want to change the mindset of our local investors so that the locals can effectively take part apart from those from outside,” he said.

According to him, new legislation on investments passed in 2022 has lowered the benchmark for investments by local investors to $50,000 from $100,000.