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| Tanzania Investment Centre registered investments valued at $787 million |
DAR ES SALAAM, April 16 (NNN-AGENCIES) — The value and number of investments being registered in Tanzania is rising steadily as investment authorities capitalise on President Samia Suluhu Hassan’s pro-business approach to attract investors.
Samia Suluhu’s government has been making efforts to improve Tanzania’s business environment since she come into office on March 19, 2021 following the death of her predecessor, Dr John Magufuli, two days earlier.
Latest figures from the Tanzania Investment Centre (TIC) show that the number of investments registered during the first quarter of 2022 rose by 67 percent compared to the corresponding period last year.
“We registered 85 projects during the first quarter of this year compared 51 projects which were registered from January to March 2021,” the TIC executive director, Dr Maduhu Kazi, said.
While the 51 projects registered during the first quarter of 2021 were valued at $450.56 million, the 81 projects registered during the corresponding period in 2022 are valued at $787.4 million, translating into a 74 percent rise.
Briefing journalists on TIC’s operations during the third quarter of the 2021/22 financial year – which is also the first quarter of the 2022 calendar year – Dr Kazi also spoke about four projects which he described as key in strengthening the national economy and creating jobs.
These include one for conversion of vehicles from using either petrol or diesel to compressed natural gas; $113 million cement production projects; a vehicle assembly project, and an edible oil project.
The natural gas project will be implemented by Taqa Arabia Tanzania Limited, and is expected to create 160 jobs.
The $113 million cement projects are being implemented by Alotaib and Blak Bib Company Limited and Prime Cement.
“The projects are expected to produce 1,079,500 tonnes of cement annually, and are projected to create 1,097 direct jobs,” said Dr Kazi.
He said the $11 million vehicle assembly project will be implemented in partnership by Tanzania and Canada in Kigamboni, Dar es Salaam, where Howo commercial vehicles will be assembled. It is expected to yield 320 direct jobs, and will assemble 3,000 units a year.
The fourth project will involve processing of edible oil through a $42.68 million investment to be executed by Organo Africa.
With an annual edible oil production capacity of 182,000 tonnes, the project is expected to generate 700 direct jobs. — NNN-AGENCIES
