By Joseph Mwendapole , The Guardian
TANZANIA Investment Center (TIC) is encouraging Tanzanians to seize the investment opportunities within the country and dispel the misconception that investing is solely for foreigners.
Deusdedit Hokororo, the TIC's Southern Highlands Manager, emphasized this point during a speech at a trade fair in Mbeya, stressing the importance of local participation in investment ventures.
The exhibition held at Market Square in Mbeya, which involved various public institutions, had the motto "Motivating investment and business for sustainable economic growth."
The TIC has introduced several incentives for both foreign and local investors. Tanzanians interested in investing are encouraged to register their projects at the center to access the benefits offered.
Deusdedit Hokororo highlighted that investment opportunities are open to both locals and foreigners, dispelling the misconception that only foreigners are considered investors. He urged Tanzanians to engage with the TIC and register their projects for support and guidance.
According to him, the TIC has utilized the opportunity to inform the public about investment prospects in various sectors of the country like mining, infrastructure, agriculture, industrial, energy, among others.
Recently, Gilead Teri, the Director General of TIC, outlined the center's objectives for the year. This includes the registration of 1,000 projects, with a target of attracting foreign investment amounting to $5 billion and domestic investments totaling $3.5 billion.
Over the past three years, the TIC has successfully registered 1,188 projects valued at 38.3 trillion shillings, positioning Tanzania as a leading destination for investment in Africa.
He mentioned that of the registered projects, 35 percent are owned by Tanzanians, 41 percent are owned by foreigners, and 24 percent represent joint ventures between Tanzanians and foreigners.
From March 2021 to March 2024, the TIC has registered a total of 1,188 projects, reflecting a 63.19 percent increase compared to the 728 projects registered during the same period from March 2018 to March 10, 2021.
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