Tanzania top foreign direct investment destination in EAC

R.B · 2014-07-04T04:44:32+00:00

United Nations Conference on Trade and Development (UNCTAD) Tanzania is now the top destination for Foreign Direct Investment (FDI) in the East Africa region, according to the United Nations Conference on Trade and Development (UNCTAD). Recent data from UNCTAD shows, in 2013 Tanzania had USD 12.7 billion in FDI stock, eclipsing both Kenya and Uganda which stood at a low USD 3.4 billion and USD 8.8 billion respectively. UNCTAD statistics also reveal that in 2013, Tanzania attracted USD 1.9 billion in FDI inflows far outstripping Kenya which only received USD 514 million of inflows in the same period. In her comments, the Executive Director of Tanzania Investment Centre (YIC) Juliet Kairuki, welcomed the revelations. I think Tanzania can be proud herself with this achievement - its no small feat, she said. She said that the latest figures demonstrate the success of the governments investment policies and measures to make Tanzania an even more attractive investment destination. Our leaders, including the Prime Ministers Office which is responsible for investment, have worked extremely hard to implement reforms which were much needed and Tanzania is now reaping the fruits of its labour, she said. She explained that Tanzania has put in place a variety of investment incentives which are available to both foreign and domestic investors and that these fiscal incentives and non-fiscal incentives have made it easier to do business in the country. TIC believes that increased investment in the country will lead to greater prosperity for the people of Tanzania through the creation of new jobs, greater tax revenues as well as skills and technology transfers, she said. She however noted that despite the strong FDI figures, investment into new projects in the country, so-called green-field projects, is still weak. She explained that green-field investments are very important as they represent new projects in the country and feed into further investments in the future. We must work hard to ensure that we are creating viable new opportunities that attract new capital, noted Kairuki. TIC was established in 1997 by the Tanzania Investment Act to be the Primary Agency of the Government to coordinate, encourage, promote and facilitate investment in the country and to advise the Government on investment policy and related matters. The agency deals with all enterprises whose minimum capital investments that are not less than USD 300, 000 if foreign owned or USD 100,000 if locally owned

Thread starter R.B
Start date Jul 4, 2014

R.B

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Tanzania top foreign direct investment destination in EAC

R.B

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