Welcome to Tanzania! The land of opportunities. Tanzania is one of 10 fastest growing economies in Africa. For the past 10 years the country’s economy grew at an average of 7%. You may all recall that, in July 2020, Tanzania was officially promoted to a middle-income country by the World Bank. All this can be attributed to political and economic stability, good policies as well as peace and tranquility.
Moving forward, the 6th phase government is putting more efforts and commitment to restoring and maintaining bi-lateral and multi-lateral ties with the international community including with investment guarantees bodies and disputes settlements mechanisms. We believe that in order to reach far, we must move together.
Tanzania is moving towards the right direction in fight against corruption according to global corruption index. We are currently taking bold measures to upholding freedom of speech and human rights as per international conventions. We are also keen on promoting rights for women and minorities for inclusive economic development.
We are currently undertaking major legal and regulatory reforms to make Tanzania one of the best investment destination in the region. These reforms, which, cuts across the board include tax regime, automation of processes, harmonization of institutions land laws to unlock hurdles that impede business growth in the country.
By 2022, the entire country will have access to electricity. This will guarantee investors to set-up their businesses in any corner of the country. We are constructing a US$3 billion Nyerere Hydro Electric Dam with capacity to produce more than 2,000 megawatts. This will guarantee investors affordable and reliable supply of electricity.
We are also building a new electric powered Standard Gauge Railway (SGR) from Dar es Salaam Port linking Uganda, Rwanda, Burundi and the DRC. This railway will improve efficiency in transport as cut transport cost for goods by 40%.
As we open doors to the advent of the African Continental Trade Area, we believe that with efficient transport systems, enough and affordable electricity coupled with friendly regulatory regime, Tanzania is offering the best opportunity for investors to thrive.
‘Welcome to Tanzania the land of opportunities’