The current Tanzanian president, since assuming power has made it her mission to enrich and empower the people of Tanzania.
This is evident by the fact that within the period of one year, she has managed to triple the foreign investment ventures in the country, particularly in the tourism, manufacturing, and transportation sectors.
From July to November 2022, the Tanzania Investment Center (TIC) registered 132 investment projects valued at $3.16 billion.
When compared to investment projects registered within the same period in 2021, with 108 projects worth $881 million, it becomes evident that the current Tanzanian administration is taking ingenious approaches to growing its economy.
This over 200% growth can be credited to Tanzanian president, Samia Suluhu Hassan’s pro-business initiatives and policies. Via business trips and meetings with global industry leaders she has managed to sway foreign investors of the numerous economic opportunities lying dormant in the eastern region of Africa.
Just in the last 2 months, she struck over a dozen deals with the Chinese, she oversaw a startup scheme in partnership with South Korea. She re-allocated the budget for the independence day celebrations to better use, the meat sector leveraged the World Cup to increase bottom line and she fostered stronger trade ties with the United States. Read the story here.
These initiatives have massively increased investor confidence, as the region has become far less hostile to do business.
Also according to Mr John Mnali, the TIC acting executive director, 50 of the registered projects are from foreign investors, while 30 are from local investors and the remaining 52 projects are the results of joint ventures between foreigners and locals.
“The distribution of these projects also shows that the manufacturing sector led by inviting 67 projects, followed by transportation at 25, tourism at 12, agriculture with nine projects, and the services sector at eight projects,” he stated.
He also went ahead to note that 7 projects related to the commercial real estate sector, 3 to the human resources projects, and one financial project.
In line with Samia’s business approach to governance, the TIC has also been pulling its weight. “The TIC has been tagging along when government leaders take these foreign trips where we get a chance to speak with potential investors and present the available opportunities,” Mnali said.
