TIC Holds Meeting at Kariakoo Market to Promote Local Investments

On 16th May 2024, the Tanzania Investment Centre (TIC) held a meeting with Kariakoo businesses in Dar es Salaam to raise awareness on available investment opportunities and promote a transition from import-based trading to local manufacturing investments.

More than 100 traders participated in the meeting and had the opportunity to share their issues and challenges with TIC.

The meeting is part of TIC’s ongoing program to promote domestic investment and encourage broader private sector participation in Tanzania.

Speaking at the meeting, TIC’s Executive Director, Gilead Teri, stated: “The objective is to transition traders from being importers to becoming producers of the same goods locally, using the market access they already have.”

“We are seeing more foreign investors than Tanzanians benefiting from our services, yet these services are free and available to all,” added Teri.

He also highlighted that the revised investment law lowers the minimum capital requirement for Tanzanian investors from TZS 1 billion to TZS 100 million, allowing more local businesses to qualify for investment status and related incentives.

He added that local investors registered with TIC enjoy benefits such as 100% import duty exemptions on hotel equipment, industrial machinery, and transport vehicles used for investment projects.

On his part, TIC’s Director of Investment Facilitation James Mazuki, emphasized the importance of Kariakoo to the Tanzanian economy and called for greater engagement between the center and the traders.

He stated: “TIC is here to simplify business operations, reduce bureaucracy, and provide support that goes beyond tax incentives.”

Mazuki explained that TIC’s presence at the meeting was a deliberate effort to close the communication gap and encourage local businesses to utilize TIC’s facilitation services.

On his part, the Chairperson of the Kariakoo Business Community stated: “This meeting is a step in the right direction. Kariakoo is the engine of the national economy, and we must not be left behind in matters of investment facilitation and policy implementation.”

Tanzania’s Kariakoo Market

Operated by the government of Tanzania, Tanzania’s Kariakoo Market is situated in the Ilala District of Dar es Salaam and is one of the largest commercial zones in East Africa.

Over 70% of Dar es Salaam’s traded goods pass through the market, which began 24-hour operations in early 2025.

It handles a substantial volume of the country’s consumer goods, serving as the main distribution hub for products imported into Dar es Salaam Port before being redistributed across the country and into neighboring markets.