THE Prime Minister, Mr Kassim Majaliwa, said yesterday that the government has opened doors for both local and foreign investors to share experience and boost investments in the country.
The Premier was speaking during the
launching of the Tanzania- India Business Forum, which aimed at
promoting partnerships to accelerate investment and trade between the
two countries.
He said Tanzania invites investors in
plantations and food processing industries. The forum brought together
50 big investors from India and Tanzanian businessmen. The Indian
investors arrived in the country on Saturday with Prime Minister Modi.
“We have opened doors for both local and
international investors. Indian investors are warmly invited to invest
in various areas in the country,” he said. He mentioned some potential
areas for investment as industries, infrastructure, tourism, mining and
agriculture.
According to Mr Majaliwa, promotion of
industries will boost agriculture production in the country since
Tanzanian farmers will be able to enjoy reliable market for agriculture
products.
“It is obvious that the revival and
growth of industries will promote agriculture and boost economic growth
for both the government and farmers,” said Mr Majaliwa. He assured his
audience that the Tanzania Investment Centre (TIC) was so far performing
well in its role as a one-stop-centre for investors.
“Officials from the Ministry for
Industry and Trade, Business Registration and Licensing Agency (BRELA)
and Tanzania Revenue Authority (TRA) are all available at TIC’s head
offices. They are stationed there to offer quick services to both local
and international investors”, he stated.
The Minister for Industry, Trade and
Industries, Mr Charles Mwijage, said the government was doing everything
in its power to learn from successful countries, mentioning India and
Vietnam as among successful countries that could help Tanzania to
prosper.
He noted that India has managed to boost
its economy by establishing small industries, which increased
manufacturing of various products.“India has developed its economy
through small industries. They are now exporting various products
because of small industries.
Tanzania is keen to learn from India and
other countries in this,” he said. According to Mr Mwijage, India has a
total of 51 million industries, adding that small-scale industries in
India contribute 38 per cent of GDP to the Indian economy, noting that
Tanzania has so far got at least 40,000 industries.
“The small-scale industry is a key to India’s growth and alleviation of poverty and unemployment in the country.
Tanzania is also focusing on improving
its economy by promoting small-scale industries,” noted Mr Mwijage. He
noted further that 45 per cent of Indian exported products are produced
from small-scale industries.
Mr Mwijage said Indian investors had
expressed their readiness to generate electricity in various areas of
the country without connecting them to the national grid with the
purpose of serving the people who live in remote areas.“The Indians are
ready to generate power in remote areas such as islands in Indian Ocean
and Lakes. These are areas that are not connected to the national grid,”
added Mr Mwijage.
The Managing Director of Tanzania
Building Works Limited (TBWL), Mr Mohd Noray, said Tanzania was among
peaceful African countries, calling on foreign investors to feel
comfortable and safe to establish investment projects in the country.
Kagera Sugar Limited Managing Director Seif Ali Seif said the opening of
doors for both local and foreign investors will boost local production
and increase employment to Tanzanians.
“We are supporting the government’s
initiative to revive industries and invite investors to establish new
industries, this will cut down the importation of products and
exportation of raw materials,” he said.
The President of the Federation of
Indian Chambers of Commerce and Industries (FICCI), Mr Harshavardhan
Neotia, noted that trade between Tanzania and India was on the right
track, urging traders from both countries to utilise the available
opportunities.
Tanzania is now a preferred destination
for foreign investment in Africa and is by far the top destination for
investors in the East African Community (EAC) region. According to World
Investment Report 2015, Tanzania leads the EAC region in investment
inflows after receiving foreign direct investments worth 2.146 billion
US dollars in 2014.
It was trailed by Uganda, which
registered investments worth 1.147bn US dollars and Kenya, which
received 989 million US dollars in foreign direct investments.
According to the World Investment Report
2014, Tanzania recorded the highest Foreign Direct Investments (FDI),
in 2013 within the East African Community (EAC). Tanzania’s inflows
stood at 1.872bn US dollars followed by Uganda at 1.146 billion US
dollars and Ethiopia at 953 million US dollars.
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