Strong Investment Climate Positions Tanzania As Leader For FDI In The East African Region

Speaking at the opening of the recent Federation of Gulf Cooperation Council Chamber’s Investment Forum (FGCCC) in Dar es Salaam, Tanzanian President Jakaya Kikwete indicated that the country lead the East African Region in Foreign Direct Investment (FDI) by USD1.1 billion in 2012 and indicated his commitment to attracting more investors by offering a peaceful and stable environment for business and investments.

President Kikwete went on to explain that Tanzania has become more competitive as a global investment destination over the past several years.

“We have what it takes to be an attractive investment country,” he said, “including skilled human resources, potential market for goods, abundant untapped resources, and services in all sectors, among others.”

According to reports from the first Independent Review Panel on the Big Results Now (BRN) initiative, which was also recently held in Dar es Salaam, FDI in Tanzania grew by as much as 39% between 2011 and 2012.

“During the record under review, we recorded more investments from abroad and made a departure from foreign aid which was then the largest source of foreign inflows,” Tanzanian Prime Minister Mizengo Pinda told delegates, “The economy of Tanzania has been one among the fastest growing in the Sub-Saharan Africa. [It] has been growing at an average of 7% and we have managed to maintain the inflation rate to single digit.”