136 foreign companies invest 21trn/- in the country

NASHON KENNEDY in Mwanza

  Minister for Industry, Trade and Investment Mr Charles Mwijage

THE country has earned some USD10bn/- from a total of 136 foreign companies which registered and invested in the country in the past one year.

That was said here yesterday by the Tanzania Investment Center (TIC) Acting Director, Mr Clifford Tarimo when he was speaking to investors of the Lake Zone in a meeting held at TIC Lake zone office.

He said the state on industrial investment and economic activities has continued to improve and that there has been a great response from both local and foreign investors to come and invest here in the country. Those companies, he said, have already been and invested most in the industrial areas of economic activities.

Agricultural and energy sectors especially, have had a notable investment.

“The state of investment has improved, there is an overwhelming response of investors to come and invest in the country. Already a total of 136 companies have come to invest in our country particularly in the manufacturing and on the economic activities in agriculture and energy sector as well,” he explained, He added: “All projects invested in the past period of one year are worth USD10bn/- different from the last year’s projects which were worth only USD2bn/- .”

He said the response of people to come and invest in the country was due to great efforts made by the fifth-phase government under the leadership of President John Magufuli, which put in created conducive environment for investment in the country. Commenting on the Lake Zone region’s investment status, he said some investors in the Lake Zone, despite their interest to invest, faced several challenges. Other challenges were poor water infrastructure and electricity.

A significant one was delay in obtaining the necessary permits from various authorities, who dealt with investment issues. “We have met with some Lake Zone region’s investors and have spoken with them.

Their response has been that they faced many challenges, including that of a lack of electricity, water and delays in obtaining permits timely,” he added. He said the center would make a follow up with relevant government authorities to see how they could overcome those challenges.

He also asked the concerned investors to be patient while their challenges were being addressed. “Concerning investors with water challenges, we will speak to Mwanza Water Urban Sewerage and Sanitation authorities to solve their problems.

However, we will speak to the relevant authorities concerning electricity challenges,” he said.

Speaking on behalf of his fellow investors, Mr Thomas Nkina from Mwanza Cement Holding Co Ltd, which intends to make investment in production of electricity poles by using cement materials, said his company had already started investing in the construction of a cement plant in Simiyu Region.

“We have already done a geological survey in some areas in Simiyu Region and we are ready to invest,” he said. He also praised the government for ordering the resumption of verification of farms and drawing boundaries to help reduce land conflicts if not to eliminate them for good