On 27th September 2022, Tanzania saw the official launch of the Mkinga Special Economic Zone (SEZ) in the Tanga region in the northeast of the country.
The 3000-acre park is expected to act as a gateway to over 18 landlocked countries in Africa and take advantage of the several trade agreements in place with Tanzania, namely the Africa Continental Free Trade Area (AfCFTA), the East African Community (EAC), and the Southern Africa Development Community (SADC).
The Mkinga SEZ was registered by the Tanzania Export Zones Authority (EPZA) and obtained a developer license to design, construct and manage its own industrial park in which various industries and business activities will be located.
As an SEZ under the scope of EPZA, the Mkinga park enjoys fiscal and non-fiscal incentives to investors including 10 years of corporate income tax holiday, tax exemptions on VAT, import duty on raw materials and capital goods, construction materials, and utilities.
The project is implemented by ZDS Developments in partnership with Siginon Logistics EA Limited and Rift Africa.
Their target investors in the park include national, regional, and state governments, international businesses, international organizations, and individuals who are interested in developing business relationships with Africa, Asia, and the Middle East.
Investment opportunities exist in manufacturing, building & construction, environment. & natural resources, infrastructure, energy, tourism, information & communication technology, and banking & finance.
The company is said to have already made arrangements with investors from Bulgaria, Egypt, India, England, Poland, and Brazil.
Commenting on the SEZ’s launch ceremony, the Deputy Minister for Investment, Industry and Trade Exaud Kigahe stressed that the Mkinga project has a number of opportunities that need to be explored by foreign and local investors for the greater interest of the country and added that his government prime task is to create a conducive environment through which the investors can feel comfortable to put in their capital.
On his part, the Director General of EPZA, Charles Itembe commend Mkinga SEZ sponsors for their commitment and for showing the world that this project can be done through the private sector initiative.
“We expect that this project will attract private sector investors in the development of infrastructures and attract more industries and add up to the stock of investments in our country,” he added.