Prof Mkumbo made the call in Dar es Salaam last week when speaking at the global investors’ meeting aimed at exploring investment opportunities in agriculture, infrastructure and the industrial sector.
Investors reviewed the win-win opportunities which are expected to benefit both investors and Tanzanians.
Tanzania as one of the fastest growing economies in Sub-Saharan Africa, Tanzania remains on investors’ radar, despite the economic slowdown.
Prof Mkumbo cited political will, peace, enough and fertile land for agriculture, labour force and market as among the factors that make Tanzania the best investment destinations in the continent.
He said Tanzania has a population of nearly 60million which create market for produced goods, citing agriculture, mining and agro-processing industries as priority areas for investment in the country.
He however said that the government was committed to promote the private sector as well as resolving any strategic issues that may arise.
African Development Bank President, Akinwumi Adesina said: “Tanzania is burgeoning with value added potential.”
Dr Adesina called on investors from across the globe to take Tanzania as their area of priority when they think of investing in Africa.
Thierry Mouanza Dongala, founder of Accountable Africa, which hosted the forum, said the investors’ forum was a timely event by evidence of the deals that were brokered on the sidelines of the meeting.
Aymeric Saha, Managing Director at MiDA Advisors, which advises some of the largest US institutional investors on their investments in African infrastructure projects, highlighted the hundred billion dollar appetite that foreign institutional investors have for sustainable infrastructure projects.
Attending investors also stressed the need for government support of investment exit’s as much as entries.
The agriculture sector received notable interest from foreign investors looking to partner with Tanzanian smallholders to enhance productivity while staying true to Tanzania’s valued Non-GMO status.
Peter Schuurs, Co-Founder of reap: “We are more than eager to put our hard-earned capital to work on Tanzanian soil to meet our bottom-line, contributing towards Tanzania’s self-sufficiency and the region’s food security, in a responsible and sustainable manner.”
Also, present were global black diaspora investors who recently moved to Tanzania and were looking to repatriate their overseas capital to Africa, in general, and Tanzania specifically.
Members of the diaspora group remarked that it was their duty to put the capital they earned in foreign countries to work in Africa where it was most needed and could bring the most return.