Prof. Kitila Mkumbo, Minister for Planning and Investment of Tanzania, recently announced a series of plans aimed at bolstering investment in the country.
These strategies were outlined during a board meeting of the Tanzania Investment Centre (TIC) held in December 2023, as part of the government’s efforts to address challenges in investment growth and align the pace of investment with the nation’s population growth.
Merger and Law Review Announced
A significant aspect of these strategies is the government’s intention to merge the TIC with the Export Processing Zone Authority (EPZA) into the Tanzania Investment and Special Economic Zones Authority (TISEZA).
The merger is aimed at creating an organization capable of making independent investment decisions.
In conjunction with this, a review of the country’s investment laws is underway to facilitate this process.
Enhanced Coordination and Centralization of Information
The meeting highlighted plans to enhance coordination within the investment sector and establish a comprehensive database for all investment projects.
This initiative is expected to transform the TIC into a central hub for attracting investors, both domestic and international.
Addressing Challenges of Energy and Land Scarcity
The government, acknowledging the challenges of energy scarcity and land availability, is actively working to address these issues.
Efforts include ensuring a consistent land bank for investment and resolving energy challenges for industrial investors and citizens.
Commitment to Efficient Project Execution
The TIC intends to establish a specialized unit for monitoring and evaluating investment projects, underscoring the government’s commitment to facilitating effective project execution.
