Prime
Pinda to potential investors: Why you should consider Tanzania
Former Prime Minister Mizengo Peter Pinda.PHOTO |FILE
What you need to know:
- The former premier says there were no difficulties in investing in Tanzania.
Dar es Salaam. President Samia Suluhu Hassan has made great strides in improving Tanzania’s business climate due to her pro-business policies that are meant to promote inclusive growth, according to a retired prime minister,
Mr Mizengo Pinda made the remarked in Dar es Salaam at the weekend.
“Tanzania is peaceful and safe and suitable place to invest because of various measure that are being taken by the government to attract investments,” Mr Pinda told a Chinese American Business Delegate Forum at the weekend.
The forum brought together representatives from Tanzania and China Business Community in Dar es Salaam.
Since ascending to the presidency on March 19, last year, President Hassan has undertaken a pro-business approach that seek to position Tanzania as an investment destination of choice for both local and international investors.
Apart from insisting on humane ways of collecting tax, incentivising strategic projects, removing red tape in issuance of work permits and in the approval of investment projects, President Hassan’s administration has also worked on a number of policies, laws and regulations that impede investments during the past one year and five months of her presidency.
“The government has been implementing various measures to strengthen the business environment. These include establishment of One Stop Facilitation Centre at the Tanzania Investment Centre (TIC) to assist investors to obtain necessary permit and license,” said Mr Pinda.
He said with the establishment of the Tanzania Electronic Investment Window, investors are now able to register their companies as well as make various payments and apply and obtain licenses and various permits (visa, work, and residence permits) online.
“The Government will continue to strengthen the policy, legal, institutional and regulatory regime significantly,” he told the forum that was organised by the TIC in partnership with Attorney at Work and Consultation.
The latter is a full-service law firm based in Dar es Salaam and with offices in Mwanza, Dodoma and Arusha.
“I can assure you that foreign investments in Tanzania are guaranteed through commitments done by the Government vide Bilateral Trade and Investment protection Agreements and ratification of international treaties for investment protection,” he said.
He urged foreign investors to grab the massive opportunities in Tanzania in the manufacturing of integrated textile mills through production of edible oils and sugar (both domestic and industrial sugar) and in investment in the processing of dairy products and leather products such as footwear.
The international treaties that Tanzania is a signatory to include Multilateral Investment Guarantee Agency (MIGA), International Center for Settlement of Investment Disputes (ICSID) and Africa Trade and Insurance Agency.
Tanzania, said Mr Pinda, also offers massive opportunities in the production of fertilizers, petrochemical products, meat farming and processing, deep sea fishing, fish farming and processing, production of veterinary and human pharmaceuticals and equipment, building materials, modern engineered wood products and Industrial parks among others.
Establishment of modern sugarcane plantations, investing in rice production to serve the rapidly growing market in Tanzania and the region and production of modern agricultural seed processing for domestic, regional and international markets, would also be ideal.
“Tourism and hospitality sector still has many investment opportunities that Chinese and US investors can take advantage of. These include the construction of hotels and lodges inside the national parks and in major cities of Dar es Salaam and Dodoma, resorts, casino, restaurants, and theme park,” he said.
Earlier, the chairman of the Chinese Business Chamber of Tanzania, Mr Zhu Jinfeng, welcomed the delegated to invest in Tanzania, as it is very beautiful country, full of everything they could want to invest like in areas of mining and agriculture, among others.
He told the forum that there were no difficulties in investing in Tanzania, as everything was in order and when one comes to Tanzania to invest he is assured of his or her investment, thus he implored the delegates nothing to worry about it.
