TIC woos investors to tap into cashew crop

Seen is a fuel station. Adequate investment in natural gas and oil production will help improve not only infrastructure, but also people’s businesses and livelihoods. PHOTO | FILE 

By Felix Lazaro ,The Citizen

In Summary

Up to 90 per cent is exported in raw form to countries like India – creating thousands of jobs to Indians who work in the processing factories.

Dar es Salaam. The Tanzania Investment Centre (TIC) is ready to assist investors eying the potential of the cashew sub-sector, its executive director said.

Ms Juliet Kairuki told a cashew stakeholders’ conference in Dar es Salaam yesterday that her agency is there to assist both local and international investors.

Cashew Board of Tanzania (CBT) figures indicate that Tanzania accounted for over 20 per cent of the world’s cashew production in 1970s. The country produced 145,000 tonnes of the crop in 1974 but figures seem to have stagnated and last year, the country produced just 158,000 tonnes.

Up to 90 per cent is exported in raw form to countries like India – creating thousands of jobs to Indians who work in the processing factories.

According to the Bank of Tanzania’s Monthly Economic Review for September 2013, the country earned $138.1 million (about Sh220.96 billion) from cashew exports during the year to August 2013 – a slight drop from earnings worth $151.3 million (about Sh242 billion) recorded during the previous year to August 2012.

But Ms Kariuki said yesterday that TIC has a lot of incentives -- like tax exemption -- for those who want to venture into agriculture. She said Tanzania still needs investors in cashew farming, processing and utilising local and foreign markets.