TIC registers new investment projects worth over 2.28trn/-

30Apr 2021
Joseph Mwendapole
Dar es Salaam
The Guardian
TIC registers new investment projects worth over 2.28trn/-

SOME 151 new projects worth U$987 million (over 2.28trn/-) were registered by Tanzania Investment Centre for the period covering July last year and March 2021.

Tanzania Investment Centre headquarters in Dar es Salaam.

TIC’s Executive Director, Dr Maduhu Kazi said in Dar es Salaam mid this week that the projects which created an estimated 13,857 jobs include 51 worth U$451 million registered during the first quarter of this year.

Dr Kazi said the coronavurus outbreak affected the number of new investment projects as most of the world was under lockdown saying TIC had targeted to increase the volume to new record highs compared to the year before.

“We had planned to also travel abroad to attend various for a where investment promotion activities are part of major conferences but failed due to the virus,” the TIC boss explained saying as an alternative, TIC has been promoting strategic investment attractions of the country to the outside world through African Investment Forum which has massive investment opportunities from across the continent.

“In this forum there are a lot of big investors who are looking for opportunities and we as TIC present them with a profile of potential projects to attract them to choose destination Tanzania,” Dr Kazi noted.

Commenting on the process of land acquisition for investment and plans to establish land banks in various regions earmarked for investment, the TIC chief executive said they are collaborating closely with Ministry of Land and Human Settlement Development to ensure that investors who need land are attended to without bureaucracy both at regional and national level.

He said TIC is also working with other state departments, agencies and ministries to help investors get correct and relevant information regarding opportunities wherever they are instead of travelling all the way to the centre’s headquarters in Dar es Salaam. “We have got good corporation from Regional and District Commissioners in this regard because they have allocated us office space from where TIC staff work from in their areas because we don’t presence in all regions of the country,” he added.

He also explained that TIC has invested in digital technology to ensure that its services reach out to potential investors both at home and abroad but also speed up the registration process. “Currently projects seeking registration can take not more than three days,” he stated.

TIC’s one stop facilitation centre has streamlined bureaucracy in processing project applications hence the exercise of providing licenses or certificates has been quick and convenient. The one stop facilitation centre has officials from Immigration, Labour Department, Tanzania Revenue Authority, Ministry of Land and Housing and Human Settlements Development and Business Registration and Licensing Agency, among others.

Dk. Kazi said TIC will start engaging with Tanzania Private Sector Foundation through different fora to get the business people’s opinions on the challenges that they are facing and see how to address them. TIC is also in contact with foreign diplomats with representation in the country to help promote Tanzania as a conducive investment destination in Africa.

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