The government of Tanzania is leveraging investment as the new currency to transform the development landscape.
Tanzania Investment Centre (TIC) highlights that the East African fastest growing economy (at 7 per cent rate) keeps soaring as it has seized the golden opportunity to attract viable investments across energy, industrial, construction and services sectors.
With the Gross Domestic Product (GDP) growth at 6.6 per cent, investment in Tanzania remains to be the top-selling point.
On October 28, TIC presented rather crucial numbers to the members of the press, showcasing various strides made by the most vital, development parastatal in the country.
According to TIC, over the past 9 months, —227 investment projects have been registered worth over $ 1.7 million.
Further, the projects register fell under the—industrial sector which is anticipated to attract almost 38,836 jobs for Tanzania.
In that context, Bank of Tanzania (BoT), quarterly report (June 2019) indicated that construction, agriculture and transport and storage were among, the top contributors to economic growth.
On the same note, BoT September monthly economic review, showed how, Tanzania has kept decreasing inflation to the medium-term target of 5 per cent, over the past 22 months, substantially lower than both: East African Community (EAC) and Southern African Development Community (SADC) countries maximum of 8 per cent and 3 to 7 per cent respectively.
As inflation plays a crucial role in determining the rate and quality of investment drawn in a country, it is vital to commend Tanzania’s efforts to increase investors’ long-term purchasing power and averting business risks, which is rather a vital credit, especially within competitive business environments.
A local media outlet cited TIC’s Executive Director who provided various highlights regarding Tanzania’s actions taken to increase investment but also spark interest to other vital actors within potential investment spheres.
“Coastal regions and Dar es Salaam have registered many projects, many investors are on the production sector, transportation and services,” he adds.
The distribution of the registered projects was based on the top contributing spheres of the economy as displayed by BoT reports and some were on enhance sectors, which performed well in the first quarter.
The processing sector had 128 projects, transportation had 29, services had 18 projects, agriculture 15, tourism 14, construction 10, human capital 6, energy 6, telecommunication 2 and wildlife had 1 investment project.
It has been noticed for TIC ambitions to resonate with, President John Magufuli’s desire, to make Tanzania the one-stop center for investment.
This means, introducing state of the art air travel facilities, railways, enhancing physical infrastructures, improving farmers’ welfare—who produce raw materials for industries, built by investors, and expanding telecommunication capabilities to keep pace with the modern digital mastery.
Source: The Exchange