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Media role in attracting investments defined

17th February 2012
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Tanzania Investment Centre (TIC) has underscored the need for media to support government’s efforts in attracting both foreign and domestic investors to ensure economic growth and sustainable development.

The remarks were made by TIC board chairman Elly Mtango when opening the TIC Editors Forum held in Dar es Salaam yesterday.

He said apart from boosting the government’s revenue, investors were the best creators of jobs and services in most countries.

Mtango said media played an important role in attracting investors by publishing news that helps painting the country’s image abroad.

“Media can help in branding Tanzania abroad and attract more investors….currently, media is doing too much bashing of its own country,” he said.

According to him, investments were the only ways of ensuring sustainable revenue collection that would in turn enable the government to implement development projects.

“Denying investors the chance to invest reduces government revenue, hence fails to implement development projects”, he noted.

He cautioned the media against concentrating too much on politics while knowing Tanzanians faced several social and economic problems. He urged journalists to use their skills to promote patriotism amongst Tanzanians and encourage them to use financial services.

Meanwhile, TIC acting executive director Raymond Mbilinyi has insisted that foreign investors were important because most of the countries worldwide depended on capital from other nations.

He said Tanzania received a very little percentage of foreign capital since the whole of the African continent got below 3 per cent of the foreign capital. He said China and America were the most beneficiaries of foreign capital.

“Media can assist in attracting investments as a way of ensuring employment to youths who constitute 70 per cent of the country’s population,” said Mbilinyi.

For his part, acting director of investment promotion John Mathew said the agency provided equal treatment for both foreign and domestic investors, adding that domestic investment was on the increase as there were many big projects going on in various regions.

He said according to last year’s statistics domestic investment had recorded success as locals were able to invest in 462 projects, equivalent to 56 per cent of all the projects. He said 191 projects were joint ventures, which was equivalent to 23 percent while 172 projects were foreign (21 percent).

Mathew mentioned the ten leading countries that had invested in Tanzania as UK with 23 per cent, followed by Kenya and India, with 15 per cent. Others were UAE, South Africa, Canada, Germany, Oman, China and Netherlands.

He said TIC faced a lot of challenges including delay in site preparation and infrastructure. He said most investors failed to establish projects due to poor infrastructure.

SOURCE: THE GUARDIAN
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