Samia to Oman investors: Why you should pick Tanzania

Dar es Salaam. President Samia Suluhu Hassan yesterday outlined why Oman investors should choose Tanzania as a favourable investment destination as she addressed the Oman-Tanzania Business Council in Muscat, Oman.

President Hassan, who is on a three-day state visit, outlined reasons as traditional, historical and blood ties, presence of peace, stability, good governance and conducive investment environment.

Others are the confidence brought by its membership in international agreements and memberships especially in trade dispute resolutions.

“Tanzania also has a stable macro-economic and fiscal policy regime and it is ranked among the fastest economies in Africa which is committed to fostering a private sector driven economy,” she said.

“The government is formulating competitive and pro-business policies geared at achieving the objective. Since assumption into office in March last year, my policy has been, let the government govern and the private sector do business,” she added.

Therefore, I mean it, no more business for the government, the private sector will do it as it creates a favorable business environment for domestic and foreign private sectors to thrive, according to her.

She outlined undertaking measures as adaptation and implementation of the blueprint for regulatory reforms, working on the tax administration, scrapping nuisance taxes and rationalizing and harmonizing duplicated roles and functions of regulatory authorities.

Furthermore, she said being a member of the East African Community (EAC); the Southern African Development Community (Sadc) and the African Continental Free Trade Area (AfCFTA), Oman investors would benefit with a reliable 1.3 billion population market with the $3.4 trillion Gross Domestic Product (GDP).

“Tanzania also has a youthful labour force with an average age of 65-68 percent mostly the semi-skilled and professional population. Tanzania also provides investment incentives in terms of capital loans and well-designed Export Processing Zones (EPZ),” she said.

According to the President, the Standard Gauge Railway (SGR) and the Julius Nyerere Hydroelectric Power Project (JNHPP) set to produce 2,115 Megawatt provide assurance of transportation and reliable electricity.

“Ongoing water projects that will provide access to 85 percent and 95 percent in rural and urban areas respectively, guarantees investors with better transportation services,” she said.

President Hassan listed investment opportunities the Oman investors would enjoy are in the sectors of agriculture; livestock and fishing; mining, tourism, manufacturing, fishing, Information and Communication Technology (ICT) and Infrastructure Development.

The Oman minister of Commerce, Industry and Investment Promotion, Mr Qais bin Mohammed said Tanzania’s economic growth in the last 20 years was a remarkable economic success story in Africa.

“This achievement is reflected in developments in the areas of infrastructure, improved access to education, health care and dynamic industrialization,” he said.

The Oman Chamber of Commerce and Industry (OCCI) board chairman, Mr Rida bin Juma Al Saleh said Tanzania investment in Oman reached a tune of $21 million.

“The ministry of Commerce has recently announced the presence of 90 projects that are also listed on the website. We are ready to cooperate with interested parties,” he said.

The Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) President, Mr John Koyi said trust, confidence and transparency were of paramount significance in building business partnership.

“We need to identify viable projects, clearly and openly discuss for the benefit of both sides,” he said.