Thursday, 12 December 2013

Sumaye urges Tanzanians abroad to promote country as investment destination
Tanzanias living abroad have been challenged to act as forerunners of others so as to give them confidence that our country is really the ultimate, most vibrant and best investment destination in Africa.

The challenge was made last week in London by former Prime Minister Frederick Sumaye when opening the United Kingdom –Tanzania Trade and Investment Forum.

In a statement availed to this paper, he said: “We as a country have great interest in our diaspora people and you as diaspora must have equally great interest in the betterment of your country. I am sure together we will win.”

He said the government has always been and is still ready and committed to work with them and will do its utmost to help in establishing their business ventures in Tanzania.

“Our investment climate is very conducive for business and our incentive packages are very attractive and competitive,” he said.

He said the government will help them to start businesses and protect them so they can prosper within the legal framework as long as it is clean business.
He said, in the past, the diaspora was considered as people who have run away and would be bad influence to our societies, therefore they should not be welcome back home.

“This mentality is far outdated. Today, we take our diaspora as an important component of our society and important partners in the development of our country and society,” he said.

Further, he said our diaspora is composed of different groups of people, from those working in various institutions, including the government, as experts or expatriates, there are those working as consultants while others are doing private business.

“In this gathering there are also some businesspeesons not from the diaspora. These people want to hear and possibly explore business opportunities that exist in Tanzania,” he said.

According to him, Tanzania has a vibrant market- based economy with rapidly growing real GDP, low inflation rate and stable foreign exchange position.
The economy is liberalised where the government is no longer involved directly in doing business.

For nearly two decades now, Tanzania has put in place the most conducive investment environment for the private sector to lead the economy as an engine of growth, and these reforms generated strong macroeconomic indicators.

“Within our investment framework guided by our investment laws and regulations, we have wide opened our doors for anyone interested to do business in Tanzania,” he said.
Private banks are allowed to operate freely in the country and investors can repatriate profits and dividends without any problems whatsoever.
Sumaye said the government has established a one-stop-facilitation shop within the Tanzania Investment Centre (TIC).

“Under this shop we have stationed government officials from key ministries, departments and agencies to assist potential investors to fasttrack their projects and services like issues related to company registration, business licensing, access to land for investment, taxation, immigration, residence and labour issues,” he stated.

He said the investment and business climate in Tanzania has already attracted a growing number of foreign investors to Tanzania.

The World investment Report 2013, published by UNCTAD indicates that the flow of FDI into the country has increased from USD582m in 2007 to USD1,706m in 2012. 
Understandably, many potential investors consider Tanzania as their favoured investment destination in Africa and most favoured destination in East Africa.

Tanzania has enormous investment opportunities in various sectors; conducive business environment, political and macroeconomic stability, stable investment policy regimes, facilitative government, educated labour-force, a sizeable and captive market, and a unique geographical location.

The forum was organised by the New Deal Africa (UK) in collaboration with Tanzania High Commission in the UK, The Tanzania Trade Centre, London and the United Kingdom Trade and Investment (UKTI).