Tanzania Launches Campaign for Investment Incentives

The Tanzania Investment Centre (TIC) has embarked on an extensive campaign to highlight the new incentives resulting from recent legal reforms aimed at boosting local investment.

This initiative was affirmed by Gilead Teri, the TIC Managing Director, during a meeting with local investors in Dar es Salaam.

Teri emphasized that the campaign’s goal is to engage actively with regional authorities and help them understand the new opportunities under the revised Investment Act of 2022. The reforms have significantly improved the investment landscape, leading to a 38.19% increase in local investments during the fiscal year 2022/23.

The government has made substantial changes to simplify investment processes, including the introduction of an online project registration system that allows investors to register their projects within 1-3 days. Additionally, the establishment of a Premier Service Center offers expedited services, enabling investors to obtain permits and registrations within 24 hours

These reforms have already shown promising results. In 2023, TIC secured $5.6 billion in investments, equivalent to over TZS 10 trillion, expected to create between 50,000 and 100,000 new jobs. This growth underscores the government’s commitment to making Tanzania an attractive destination for both domestic and international investors

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Furthermore, the new incentives include tax exemptions, reduced customs duties, and lower investment thresholds for domestic investors. These measures are designed to remove barriers and invite more Tanzanians to participate in the country’s economic development

The nationwide campaign, spanning 15 key regions, is not just a marketing initiative but a tangible expression of the government’s dedication to transforming Tanzania into a vibrant hub of investment and opportunity. Under the leadership of President Dr. Samia Suluhu Hassan and the expert guidance of TIC, Tanzania is poised for significant economic growth

This ambitious campaign highlights the Sixth Phase Government’s unwavering commitment to fostering a thriving business environment, ensuring that Tanzania remains a welcoming and accessible destination for investment.