The government is putting over 100 projects worth $60 billion (about Sh138 trillion) up for grabs by prospective investors as it seeks to hasten the pace of transforming the country’s economy in line with its growth aspirations.
The projects touch various sectors, namely manufacturing, agriculture, energy, transport, oil and gas, real estate, tourism, ICT, water, mining and communication.
Some of the projects mentioned on the Tanzania Investment Centre (TIC) website include establishment of industrial parks and special economic zones, as well as manufacturing facilities for various products, including compressed natural gas and liquefied natural gas.
Other projects include wind and solar power in Singida, Kiwira coal mine and a 200MW power project, installation of conveyor system for dry bulk cargo handling at Dar es Salaam Port, development of inland cargo terminal on the DRC side of Lake Tanganyika, and rehabilitation and upgrading of various airports.
The list also includes construction of a four-star airport hotel at Julius Nyerere International Airport (JNIA), development of the five-star hotel and related infrastructure facilities at Kilimanjaro International Airport (KIA), as well as development of a commercial complex and associated facilities at JNIA Terminal III.
“These projects are being promoted to potential partners who will work with the respective government institutions which supervise the projects,” TIC acting executive director Mafutah Bunini told The Citizen by telephone last week.
He said the investment project brief was expected to provide initial project information required by investors interested in investing in various portfolios.
“It is my expectation that potential investors will find this document a useful and important source of information for those who will be interested in the projects from the various sectors listed in this document,” Mr Bunini said.
He assured investors that TIC, through its one-stop facilitation centre, was available for any assistance they may require in selecting and executing the projects.
“The implementation of the profiled projects is in line with the Five-Year National Development Plan (2021/22 – 2025/26). We are committed to implementing all strategic projects and developing new ones,” Mr Bunini said.
He was optimistic that investment in those projects would help Tanzania to realise its dream of becoming a semi-industrialised country come 2025.
“We are committed to fostering investment for industrial development,” he stressed.
As the country achieves the status of a middle-income economy, the impetus is placed on continuing to build a competitive and industrial economy for human development.
“Tanzania is blessed with abundant natural resources, but we have not yet exploited them to the maximum, and that is why we are calling for prospective investors to grab the opportunities that are on the way,” Mr Bunini said.
Tanzania is among the top ten investment destinations in Africa, thanks to reforms and a conducive investment environment set by the government, its geographical location and stability.
The Rand Merchant Bank (RMB) ranked the country tenth in investment attractiveness in its Where to Invest in Africa 2021 report released recently.
Going by the TIC investment project brief, some incentives to be offered to prospective investors who would wish to invest in the projects put up for grabs include zero import duty on capital goods and raw material as well as tax relief on deemed capital goods where import duty is exempted by 75 percent.
Investors could also enjoy reduced corporate tax to 20 percent for the first 5 consecutive years on manufacturing of pharmaceuticals, textile or leather products.
TIC believes that with serious investors in the projects, more jobs will be created on one side, and the government will garner more revenue from tax, on the other side.