TIC Plan to Attract USD5b FDI to Tanzania by 2020
The Tanzania Investment Centre (TIC)
plans to attract USD5b Foreign Direct Investments (FDI) to the country by 2020
to boost its economic growth.
The announcement was made by
Clifford Tandari, Chief Executive at TIC during the 2nd TIC Editors Forum held
in Dar es Salaam on August 17th 2016.
To achieve its goal of attracting
more FDI to Tanzania, TIC is currently working on updating investment laws and
policies.
In order to ensure that foreign
investors are aware of the investment opportunities available in Tanzania, TIC
is conducting business-to-business investment forums.
During a recent interview with
TanzaniaInvest, Clifford Tandari said: “We recently held the Tanzania-India
business forum and the Tanzania-Poland business-to-business forum to promote
FDI from these countries.” He added: “We are currently focused on promoting
investments in manufacturing, agriculture—where the majority of Tanzanians are
involved – real estate, construction, infrastructure, tourism, and
hospitality.” There are several fiscal and non-fiscal incentives available to
investors interested in Tanzania.
Fiscal incentives include tax exemptions on
capital goods. Non-fiscal incentives relate to immigration visas and residency
permits.
Tanzania FDI
Tanzania Foreign Direct Investment
(FDI) net inflows rose by 13% from USD1.8b in 2010 to USD2.04b in 2014. In
2015, FDI net inflows in Tanzania decreased by 34% to USD1.5b from USD2.04b in 2014.
According to the 2016 World Investment Report of the United Nations Conference
on Trade and Development (UNCTAD), low commodity prices depressed FDI inflows
in natural resource based economies across Sub Saharan Africa.
However, over the past 2 years
Tanzania remained the first recipient of FDI in East Africa.
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