MORE INVESTORS WOOED AS TANZANIA-INDIA BUSINESS FORUM INAUGURATED

Prime Minister, Mr Kassim Majaliwa.

The Prime Minister, Mr Kassim Majaliwa, said yesterday that the government has opened doors for both local and foreign investors to share experience and boost investments in the country.

The Premier was speaking during the launching of the Tanzania-India Business Forum, which aimed at promoting partnerships to accelerate investment and trade between the two countries.

He said Tanzania invites investors in plantations and food processing industries. The forum brought together 50 big investors from India and Tanzanian businessmen. The Indian investors arrived in the country on Saturday with Prime Minister Modi.

“We have opened doors for both local and international investors. Indian investors are warmly invited to invest in various areas in the country,” he said. He mentioned some potential areas for investment as industries, infrastructure, tourism, mining and agriculture.

According to Mr Majaliwa, promotion of industries will boost agriculture production in the country since Tanzanian farmers will be able to enjoy reliable market for agriculture products.

“It is obvious that the revival and growth of industries will promote agriculture and boost economic growth for both the government and farmers,” said Mr Majaliwa. He assured his audience that the Tanzania Investment Centre (TIC) was so far performing well in its role as a one-stop-centre for investors.

“Officials from the Ministry for Industry and Trade, Business Registration and Licensing Agency (BRELA) and Tanzania Revenue Authority (TRA) are all available at TIC’s head offices. They are stationed there to offer quick services to both local and international investors”, he stated.

The Minister for Industry, Trade and Industries, Mr Charles Mwijage, said the government was doing everything in its power to learn from successful countries, mentioning India and Vietnam as among successful countries that could help Tanzania to prosper.

He noted that India has managed to boost its economy by establishing small industries, which increased manufacturing of various products.“India has developed its economy through small industries. They are now exporting various products because of small industries.

Tanzania is keen to learn from India and other countries in this,” he said. According to Mr Mwijage, India has a total of 51 million industries, adding that small-scale industries in India contribute 38 per cent of GDP to the Indian economy, noting that Tanzania has so far got at least 40,000 industries.

“The small-scale industry is a key to India’s growth and alleviation of poverty and unemployment in the country.

Tanzania is also focusing on improving its economy by promoting small-scale industries,” noted Mr Mwijage. He noted further that 45 per cent of Indian exported products are produced from small-scale industries.

Mr Mwijage said Indian investors had expressed their readiness to generate electricity in various areas of the country without connecting them to the national grid with the purpose of serving the people who live in remote areas.“The Indians are ready to generate power in remote areas such as islands in Indian Ocean and Lakes. These are areas that are not connected to the national grid,” added Mr Mwijage.

The Managing Director of Tanzania Building Works Limited (TBWL), Mr Mohd Noray, said Tanzania was among peaceful African countries, calling on foreign investors to feel comfortable and safe to establish investment projects in the country. Kagera Sugar Limited Managing Director Seif Ali Seif said the opening of doors for both local and foreign investors will boost local production and increase employment to Tanzanians.

“We are supporting the government’s initiative to revive industries and invite investors to establish new industries, this will cut down the importation of products and exportation of raw materials,” he said.

The President of the Federation of Indian Chambers of Commerce and Industries (FICCI), Mr Harshavardhan Neotia, noted that trade between Tanzania and India was on the right track, urging traders from both countries to utilise the available opportunities.

Tanzania is now a preferred destination for foreign investment in Africa and is by far the top destination for investors in the East African Community (EAC) region. According to World Investment Report 2015, Tanzania leads the EAC region in investment inflows after receiving foreign direct investments worth 2.146 billion US dollars in 2014.

It was trailed by Uganda, which registered investments worth 1.147bn US dollars and Kenya, which received 989 million US dollars in foreign direct investments.

According to the World Investment Report 2014, Tanzania recorded the highest Foreign Direct Investments (FDI), in 2013 within the East African Community (EAC). Tanzania’s inflows stood at 1.872bn US dollars followed by Uganda at 1.146 billion US dollars and Ethiopia at 953 million US dollars.

Daily News