Tanzania assures South African investors of investment opportunities

Dar es Salaam. President John Magufuli has assured a South African business delegation that is in the country of immense cooperation to explore numerous investment opportunities in the country.

He said this when addressing the Tanzania –South Africa business forum on Thursday.

Explaining about the opportunities, he said that among many opportunities, the country has 44 million hectors of land and only 10million hectors had been used thereby leaving a lot of land for investment.

He further added that the climate was favorable for agriculture and land fertile for all crops.

He said that the country requirement for fish was at least 400,000 tons annually but only 30,000 tones were produced. “We invite you to invest in the sector because in order to promote our fishery sector, the government has reduced income tax on fishing equipment and fish farming,” he stressed.

He noted that there was also an opportunity to explore in the tourism sector citing the tour guide sector, tourism infrastructure among others.

He further explained that there were a list of projects in the construction sector that they could invest in including design and that there was an opportunity for mineral processing investment as currently the country was selling unprocessed minerals and losing a lot.

On his part, President Jacob Zuma said that they will explore the many investment opportunities provided by Tanzania.

He said that South Africa was growing big in infrastructure development especially on road rails and ports that aim to stimulate economic growth that will link them to neighboring countries as well as the rest of the continent.

He called on both countries to eliminate market barriers including tariffs and non-tariff barriers that hinder trade between the two countries.

Meanwhile South Africa Minister of trade and industry Mr Rob Davis said they have developed a code of ethics for their companies operating in the continent to ensure the build the country’s image.

“We encourage the whole continent to industrialize because it is the fastest way of building the economy,” he said.