TIC: British investors coming

By Felister Peter

  Says focus is on farming sector

Juliet Kairuki, Tanzania Investment Centre (TIC) Executive Director

Just a week after the Tanzania-UK Trade and Investment Summit 2014, some British investors have demonstrated commitment to investing in the country.


Starting next month, Tanzania will be receiving British investors who are keen to take part in the country’s economic transformation and are looking for investment areas.

In an exclusive interview with The Guardian, Tanzania Investment Centre (TIC) Executive Director, Juliet Kairuki said that even those who have already invested in the country have promised to venture into more projects.

“We will start receiving British investors next month…their aim is to look for investment areas, but preferably it will be in agriculture,” said the TIC boss, adding that several British investors have shown interest in putting up agricultural projects.

She said the centre is focusing on attracting investors into the agriculture sector which has not been doing so well for some time. She said the emphasis is on rice and sugarcane cultivation, though investment in other food and cash crops is welcome.

For the past 15 years, Britain has been Tanzania’s leading investor. By the end of last year, the number of projects by British investors was 1,099, expected to create 280,794 jobs.

The projects according to Kairuki have an investment value of more than USD 5,827 million.

Kairuki said they are now striving to reduce red tape, curb corruption and simplify registration procedures for both local and international investors.

She said to achieve the target; they are working closely with the Tanzania Revenue Authority (TRA), Lands, Housing and Human Settlement Development ministry and the immigration department.

She noted that in the agricultural sector the centre also advocates for investments in the horticulture industry to establish modern vegetable, fruit, flower and horticultural farms. She said that with rice and sugarcane farming, investors will enjoy the growing market within and outside the country.

She said Tanzania through the Investment Policy and Investment Promotion and Protection Act offers substantial tax and other incentives to attract investors.

Tanzania abolished the tax holidays and instead grants investors incentives in the form of enhanced capital deductions and allowances.

The total number of Foreign Direct Investments (FDI) to Tanzania by the end of 2013 was 885 projects worth USD 88,236.2 million compared to 869 projects worth USD 11,420.04 million in 2012. 

SOURCE: THE GUARDIAN