Joseph Isangura
The Attorney General of Tanzania Hamza Johari, has emphasized the need for the country to update its investment laws in order to keep up wit h the fast-changing global economy and technological advancements.
He made these comments during a recent meeting at the United Nations Headquarters in New York, where he participated in discussions about improving the Investor State Dispute Settlement (ISDS) system.
The ISDS system is used to handle disputes between countries and foreign investors. However, the current structure has faced criticism, particularly in Africa, where many nations with rich resources have experienced challenges. The meeting gathered representatives from countries with major investment interests and those rich in natural resources to discuss and revise a draft of new guidelines aimed at improving the way investment disputes are handled.
Johari made it clear that Tanzania must actively participate in these global talks. “Tanzania cannot afford to be left out. We must be part of these discussions to see how we can benefit and contribute to the growth of our economy,” he explained.
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He also pointed out that many developed countries have already made significant strides in reforming their investment laws to match the pace of technological advancements. Johari believes that Tanzania’s involvement in these discussions is key to ensuring that the country stays competitive in the global market.
Joining Johari at the UN event were the Solicitor General, Dr. Ally Possi, and senior officials from the Office of the Attorney General, including Director of Arbitration, David Kakwaya. Together, they explored how Tanzania can adopt best practices for resolving investment disputes, while ensuring that the nation’s interests are well-protected.
This proactive approach signals Tanzania’s commitment to modernizing its legal framework, making it more attractive to foreign investors while safeguarding the country’s resources.
