ARUSHA: THE government has launched the Tanzania Investment Centre (TIC) one-stop investment centre here in effort to eliminate bureaucracy and ease investments processes in the country.
Minister of State in the President’s Office (Planning and Investment), Professor Kitila Mkumbo, said on Friday during the launching, that the move will ease investment in the tourism sector and other businesses.
He said the centre has been launched in Arusha for the Northern Zone to serve the regions of Arusha, Kilimanjaro, Tanga, Manyara and Singida.
Prof Mkumbo said the decision considered the geographical position of Arusha where there are headquarters of the East African Community (EAC), East African Legislative Assembly (EALA), Pan African Postal Union (PAPU) and the African Court on Human and Peoples’ Rights (AfCHPR) and the hub of Tanzania’s tourism.
“The launch of this centre today aims at providing services to investors and businesspersons. This centre must serve as an investment and business center, we will talk to our colleagues from the Ministry of Industry and Trade to make sure they utilize this precious opportunity.
“Arusha is a very gives investors and businesspersons all required packages, the region is strategic for agriculture, businesses and it is a hub of tourism in the country,” he noted.
Prof Mkumbo commended the Head of State, DR Samia Suluhu Hassan for creating good environment of doing business and promoting investment in the country.
He also expressed his appreciation to the Arusha Regional Commissioner, Mr Paul Makonda for his innovative idea of having such a centre in Arusha to serve the northern zone which will be led by TIC Manager, Veronica Thadeus. He said investors have their criteria to invest in a particular country including the presence of political tranquility.
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“Our national leaders have played a big role in ensuring there are good environment of doing business and establishing investments in the country, President Samia has done a great job on that area. It is obvious, investors pump capital in countries that are stable and peaceful” he said.
Prof Mkumbo also noted that President Samia Suluhu Hassan has succeeded in managing laws and regulations by making major reforms in the country’s laws and regulations through her 4R philosophy for the purpose of creating economic and business freedom to investors and citizens in general.
He added that the government is continuing to improve infrastructure by building roads, bridges, airports, Standard gauge Railway (SGR) as well as purchasing new trains, aircraft and many others.
He said the country also has enough labor force, enough land and reliable source of power following the construction of Julius Nyerere Hydropower Project (JNHPP).
On her part, the Permanent Secretary of the Ministry, Dr Tausi Kida said the centre will help to strengthening the tourism sector.
Dr Kida said that out of the 526 projects registered by TIC last year, 33 percent belonged to local investors, another 33 percent were joint venture projects between local and foreign investors, and the remaining percentage was registered by foreign investors, so more than 60 of those projects’ beneficiaries are Tanzanians.
On his side, Arusha Region Commissioner, Paul Makonda called on all government officials to work hard and attract investors by support them whenever they seek support.
Due to the importance of the centre, Makonda said his region has allocated more than 6,837 hectares for investment in hotels, halls, sports and other areas of such nature.
The Executive Director of the Tanzania Investment Centre (TIC), Mr Gilead Teri said the centre is expected to boost the investment sector in the northern regions by registering a number of new businesses in the area.
He said the centre provides opportunities for both local and foreign investors to explore and set up investments in tourism and hospitality, mineral processing, horticulture farming, factories, large and modern conference halls as well as building sports centres as Tanzania looks forward to host the African Cup of nations (AFCON) 2027.
The TIC boss said Tanzanians now have the opportunity to invest, as many taxes have been exempted or reduced, making it feasible for Tanzanians to engage and invest in this crucial sector.
“The number of investors in the country has been increasing, in 2023 TIC registered a total of 526 projects with a value of 5.72billion US dollar, which if fully implemented will generate 137,010 jobs, and in 2024 for the period from January to June we have registered a total of 405 projects, so by opening an office here in Arusha it is my expectation that the number of investment projects especially in Arusha Region and Tanzania in general will double,” said Mr Teri.