ATTRACTING FOREIGN INVESTORS A GOOD MOVE
The current positive developments in bilateral ties between Tanzania and Burundi promise for a more prosperous relationship moving forward.
Burundi’s Head of State Evariste Ndayishimiye is in Tanzania for a state visit, during which time he is expected to visit various sites of investment and also consolidate economic and governance ties with Tanzania.
The two East African neighbouring nations are members of the same East African Community
(EAC) bloc, hence have deeper ties entrenched in mutual areas of interest.
What this renewed flood of camaraderie signifies is the budding of strategic investments by both countries as they continue to explore more areas of cooperation.
President Samia Suluhu Hassan has been unwavering in her committed effort to restore diplomatic ties and other understandings with foreign nations. The cementing of relations with Burundi is a further testament to the current government’s intent on making Tanzania an ideal investment destination, attracting both foreign and local investors.
However, caution should be cast on how to better improve the processes that are part and parcel of the investment ecosystem in Tanzania. For example, foreign investors ought to have the assurance of predictability of laws related to taxes and other government levies.
Second, there needs to be an assurance of business longevity in relation to available resources.
The good news is that President Samia has been at the front of these challenges and some of them are being addressed.
The influx of foreign dignitaries to Tanzania is evidence of the positive impact of the government’s reforms. Last week we saw the arrival of the French minister for Trade and Investment Attractiveness Franck Reister where he held talks with the Vice President and several ministers from crucial sectors. Today we are witnessing Burundi’s head of state also on a more or less similar mission aimed at cementing ties with Tanzania.
An ideal investment destination
What these commendable steps mean, is that Tanzania is now viewed as a country worth investing in and cooperating with. The most important thing is for the government to keep up the momentum by building a conducive business environment for the private sector and providing foreign investors from Africa and elsewhere an avenue for them to invest and carry out business activities that will translate to more job creation for Tanzanians but also provide revenue in terms of tax collection to the government.
For the government to keep this new vigour on consolidating a robust foreign policy approach, it is imperative that the country’s priorities are well outlined in a bid to fully utilize the potential that lies ahead.
.Burundi and France are just two of the latest examples of Tanzania’s positive stride on the global podium. Others are Kenya and Uganda who also fortified ties with Tanzania as they seek to tap into the vast potentials of the country’s resources.
The role played by regional blocs in strengthening Tanzania’s position as a preferred investment destination cannot be overstated. Through its presence in the East African bloc as well as the Southern African bloc, Tanzania is able to woo investors from both sides of the African continent
