President Jakaya Kikwete and Britain's Prime
Minister David Cameron shake hands outside the Premier's offices on
Downing Street, London yesterday. (Photo: State House)
Kikwete told the investors that policies have been restructured, the market economy stabilised and business environment is favourable.
The President elaborated details on available investment opportunities especially in the agricultural sector, infrastructure, tourism, Information and Communication Technology (ICT), mining , manufacturing, oil and gas which are set to play a major part in the future of the country’s economy.
He made the remarks during his address at the UK-Tanzania Trade and Investment Summit 2014 held on Monday at the Foreign and Commonwealth Office (FCO), Westminster in London.
The investment forum was attended by hundreds of delegates including investors, bankers, businessmen and UK’s top government officials.
According to Kikwete, in agriculture investment is being encouraged in cultivation of variety crops in the Southern Agricultural Growth Corridor of Tanzania (SAGCOT).
The southern corridor is the focus for transformation of agriculture.
Tanzania has more than 44 million hectares that is agreeable to any crop.
“We have reduced road blocks and suspended the crop export ban…once you invest in agriculture part of the yields can be consumed locally and you can export to neighboring countries like Sudan, Burundi, Rwanda, Kenya and Uganda,” Kikwete told the investors.
He stressed that with the good infrastructure and the improved efficiency of Dar es Salaam Port, export of farm and industrial products is much easier.
He said the Dar es Salaam Port can now handle 13 million tons of cargo per year whereas expectation is 26 million tons by 2015.
He said there are also plans to improve, Tanga, Bagamoyo and Mtwara ports.
Kikwete noted that to ensure smooth facilitation of investments, the government has set special structures to deal with investors.
They are the Tanzania Investment Center (TIC) and Zanzibar Investment Promotion Authority (ZIPA).
Earlier, UK’s Government Minister for Africa, Mark Simmonds said that Tanzania is the best investment destination because it has a lot of natural wealth including minerals.
Simmonds noted that with the investment opportunities, minerals and 46 trillion cubic feet of gas discoveries, Tanzania is likely to become a middle income economy by 2025.
“We are ready to invest and support Tanzania in three key economic areas, energy, agriculture, oil and gas”, he said adding that currently there are more than 20 British investors in Tanzania.
Meanwhile, following Monday’s meeting with President Kikwete, British Prime Minister, David Cameron, has said Britain is ready to increase assistance to Tanzania and expressed pleasure in regards to the number of investments Britain has in the country.
“We are very delighted with the cooperation between Tanzania and us and we are proud of leading in investments in Tanzania,” Cameron said.
“We are about to conclude the Millennium Development Goals for 2015 and we need to come up with other goals like eradication of poverty, provision of clean and safe water, fighting corruption and good governance. I believe that we shall continue to assist you (Tanzania) after the current goals are met.”
SOURCE:
THE GUARDIAN
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