Tanzania will seek to increase the inflows of foreign investments when the US delegates visit the East African nation in November.
The US delegation will tour the country next month in search of potential areas of investments.
Tanzania’s President John Magufuli has encouraged foreign investors to seek opportunities to venture into the attractive market of the country, taking advantage of the conducive business climate. The Head of State has urged companies to invest in the nation to help the country achieve its vision of being a middle-income economy in 2025, driven by industrialization.
Speaking to a local daily, the Tanzania Investment Centre (TIC) Executive Director, Mr. Geoffrey Mwambe said, “This is going to be one big delegation of businessmen from the US looking forward to investing in our country.” He explained to the reporters the efforts that the government is putting in creating a conducive business environment suitable for both local and foreign enterprises.
He challenged the private sector to take a crucial role in the development of Tanzania’s economy, even as a new breed of investors swarm in the country. The government recognizes the role of the private sector in bringing about socio-economic development through investments. Private Sector Credit in Tanzania decreased to 17435.70 TZS billion in July from 17533.30 TZS billion in June of 2018.
Earlier this year in May, the Ministry of Industry, Trade, and Investment, Dodoma published a Blueprint for Regulatory Reforms to Improve the Business Environment that was dated December 2017.
The Blueprint provides the government’s main framework for enabling a holistic review of the business enabling environment (BEE) in order to improve the business climate in Tanzania.
It presents key challenges affecting the business environment in Tanzania along with a set of recommendations for reform to put in place a more business-friendly environment.
Source: The Exchange