The United Republic of Tanzania has launched an ambitious National Investment Promotion Campaign, a strategic initiative spearheaded by the Honorable Prime Minister Kassim Majaliwa Majaliwa (MP) since September 25, 2023.
This campaign, which aligns with the vision of Her Excellency President Samia Suluhu Hassan, aims to significantly increase both domestic and international investment across various sectors of the Tanzanian economy.
Scheduled from January 8 to February 9, 2024, the campaign marks a pivotal moment in Tanzania’s economic development. It seeks to address critical societal challenges and stimulate national economic growth through several key objectives.
These include attracting investment capital, introducing modern technologies, creating job opportunities, especially for the youth, increasing tax revenues, developing human resources skills, promoting local manufacturing, and reducing the need for importing goods by conserving foreign exchange.
The Tanzania Investment Centre (TIC), under the Office of the President, Planning, and Investment, has declared 2024 as the National Investment Year.
The campaign will cover all country regions, including the Lake, Central, Northern, Southern Highlands, and Eastern Zones. It involves collaborating with regional and district leaders and various media outlets to actively promote investment opportunities.
The campaign’s significant focus is educating different societal groups about investment and registration procedures, fostering awareness, and encouraging project registration to maximize the benefits of available opportunities.
Planned activities include meetings and seminars for business owners, entrepreneurs, journalists, and investors. These events, held in collaboration with regional and district leadership, aim to increase the number of domestic investors and enable them to utilize incentives for economic growth.
The campaign also features visits to domestic investment projects, accompanied by media coverage, to highlight successful project implementations.
In 2023, the TIC registered 504 projects valued at USD 5.6 billion and estimated to provide over 230,000 jobs. With this new campaign, the TIC aims to double the number of investment projects, targeting 1,000 Tanzanian projects by the end of 2024.
In its commitment to enhancing the business and investment climate, the Tanzanian government has made significant policy adjustments. For instance, the Investment Act of 2022, Chapter No. 38, has reduced domestic investors’ minimum capital requirement from USD 100,000 to USD 50,000. This policy change is expected to further stimulate domestic investment and attract more international investors to Tanzania.
This comprehensive campaign represents a major step forward in Tanzania’s journey toward economic prosperity, demonstrating the government’s dedication to creating a more conducive environment for investment and growth.
