Tanzania Investment Centre pledges support for Njombe’s investment hub status

Dar es Salaam. The Tanzania Investment Centre (TIC) has recognised the momentum gained by the Njombe Region promising to establish an investment centre in the region situated in the southern highlands of Tanzania.

TIC’s decision aimed at accelerating growth and making it easier for investors to tap into the region's opportunities.

The region is rapidly emerging as the country’s key investment hub, with its growing economy and untapped potential, drawing the attention of both domestic and international investors.

TIC executive director Gilead Teri made the promise on Saturday, August 24, 2024, during his visit to the region, where he highlighted the importance of this initiative.

"Njombe is rapidly growing, especially in investment. We've registered 61 projects here, attracting over $5 billion and creating 20,000 jobs. This is a clear sign that Njombe is on the rise," said Mr Teri.

Njombe was only inaugurated as a region in 2012, but in just over a decade, it has positioned itself as a significant player in Tanzania’s investment landscape.

The region’s appeal lies in its diverse investment opportunities, from agriculture to tourism, and its favourable business environment.

"The people of Njombe have substantial incomes, and their capital is being invested across various sectors of the economy in the country," Mr Teri explained.

"We have received the request to establish an investment centre here. We have taken it as a directive and promptly worked on it. The centre will help businesses and investors access services quickly and efficiently," he added.

Njombe's allure is not just about numbers; it’s about the tangible investment benefits in a region that is still developing.

The region is known for its fertile land, ideal for agriculture, and it’s cool climate, making it a prime location for farming and tourism.

The Njombe District Commissioner, Ms Kisa Kasongwa, who represented the regional commissioner during Mr Teri’s visit, reiterated the region’s readiness to work with TIC in attracting more investors.

"Njombe offers many development opportunities, and our residents are ready to cooperate with investors," she said.

She added, "Currently, the per capita income here is over Sh3 million per person per year, despite our population being just 800,000. So, this is truly a hub of investment for our country."

The potential for growth in Njombe is immense, with a sufficient amount of land still available, supported by favourable conditions, particularly when other regions like Dar es Salaam experience high temperatures, making it an attractive destination for investment.

Ms Kasongwa also hinted that there was a need for large hotel investors to tap the opportunity in the region, noting the high demand for facilities due to the influx of people, including major investors.

"Njombe is not just a place to invest; it’s a place to grow and thrive," she added.

During Mr Teri’s visit, he toured several investment projects, including the Tanganyika Wattle Co. Ltd, which produces forest products such as power poles, plywood, marine boards, mimosa extract, and OLESCO Food Products Co. Ltd, known for its Kitulo drinking water.

These visits underscored the region's diverse investment portfolio, which ranges from agriculture to manufacturing.

The TIC's decision to open an investment centre in Njombe is a strategic move to support the region in its efforts to attract investment to enhance economic growth by providing a dedicated facility for investors.

The TIC aims to streamline the investment process, making it easier for businesses to set up and operate in the region.

This, in turn, is expected to attract even more investment, driving further economic growth.

For investors, Njombe represents a unique opportunity to be part of a growing region with untapped potential.

The government, through TIC, is sending a clear message that Njombe is open for business, and the time to invest is now.

Concluding, Mr Teri said, "We believe that with the right support and infrastructure, Njombe can become one of Tanzania’s leading regions for investment. The opportunities are vast, and we are here to help investors every step of the way."