SAUDI ARABIA INVESTORS INVITED TO TANZANIA

RETIRED President Ali Hassani Mwinyi has urged more investors to come to Tanzania, highlighting the existing business environment in the country.

He told a group of business community during the launch of various lubricant products from Saudi Arabia. He said the country had relaxed procedures in setting up business in the country, the procedures were not cumbersome and thus a need for more investors.

He said Tanzania was growing in terms of business with various investment potentials available in the country Mr Mwinyi said Tanzania has taken the lead in attracting foreign direct investment (FDI) in the East African region.

He spoke during the launch of Mize lubricants from Munif Alnahdi Holding Company of Jeddah, Saudi Arabia Mr Mwinyi said that growth in inflows helped Tanzania have its position as the leading destination for Foreign Direct Investment (FDI) in East Africa last year.

He said more investments were important under arrangements were the host and the investor mutually benefit. He noted that since the 1990s, the country had been working on improving the investment climate, efforts that had produced the existing environment with interest from across continents in various local sectors.

Recent reports show the country attracted FDI to the tune of $1.872 billion in 2013, $72 million more than the 2012 inflows, fresh data shows.

The World Investment Report (WIR) 2014, published by the United Nations Conference on Trade and Development (Unctad), indicates that between the 1990s (when the country started tracking its inflows) and 2013, Tanzania has accumulated FDI stock worth $12.7 billion to settle comfortably as the leader in the region.

UNCTAD projects that FDI flows could rise to $1.6 trillion in 2014, $1.7 trillion in 2015 and $1.8 trillion in 2016, with relatively higher rates in developed countries. According to Unctad, 2013 inflows rose in Eastern and Southern Africa.