Tanzania Investment Centre Secures New US Investors

During the recently held Africa Investment Forum in Washington, DC, Tanzanian President Jakaya Kikwete alongside several officials from the Tanzania Investment Centre (TIC) presented new investment opportunities to US investors.

According to Juliet Kairuki, Executive Director of the TIC, in a recent interview with CNBC Africa, at least two deals were closed, one of which was a transport logistics initiative that see an investment of USD 132 million to construct dry ports outside of Dar es Salaam city center to help decongest the area.

“We’ve seen that US investors have taken a keen interest in logistics and we embrace that and celebrate that because our roads are simply overwhelmed,” she explained in the interview.

During the forum, which was a part of the US-Africa Leaders Summit, President Kikwete indicated that four agricultural and six energy projects requiring USD 400 million and USD 1.44 billion respectively are also seeking partnerships with US private sector.

Ms. Kairuki confirmed with CNBC Africa that at least one agriculture deal had been reached during these meetings with the aim of creating value chains in livestock via the introduction of a new brand of cattle in the country.

According to President Kikwete, Tanzania is eager to further relations with the US and invited members of the US business community to take advantage of the country’s numerous investment opportunities and attractive investment incentives.

“Investing in Tanzania is a right decision,” he said in a recent report by the Tanzania Daily News, “I see this summit providing the opportunity to strengthen economic ties and take the US-Tanzania relationship to the next level.”

According to the latest data available, in 2012, the U.S. foreign direct investment (FDI) in Tanzania totaled USD 319 million.