Investment centre scoops Africa’s prestigious award

Investment centre scoops Africa’s prestigious award

Dar es Salaam. The Tanzania Investment Centre (TIC) has been recognised for its outstanding work in promoting investment within the African continent, according to the centre’s statement.

The prestigious award was presented at the Annual Investment Meeting (AIM) 2024 held in Abu Dhabi on Wednesday, May 8th, 2024.

The Permanent Secretary in the President’s Office responsible for Planning and Investment, Dr Tausi Kida, received the award.

Dr Kida told the media after receiving the statement that the recognition came at an opportune time and is a treasure for the nation as it reflects the government’s efforts to improve the business environment in the country.

“This award boosts confidence among investors, and we as the government, especially the President’s Office responsible for Planning and Investment, We will continue attracting investment to create jobs and promote economic growth,” she said.

The award highlights TIC’s efforts in attracting and supporting investors, ensuring Tanzania remains a competitive destination for global capital.

TIC executive director Gilead Teri said key initiatives include the sector’s specific incentives, improved stakeholder engagements, and robust promotional activities, which have collectively enhanced Tanzania’s investment profile on the global stage.

“This recognition underscores Tanzania’s growing reputation as a leading investment hub in East Africa. TIC efforts align with the country’s broader economic goals to achieve middle-income status and ensure sustainable economic growth,” he said.

Furthermore, the statement says the recognition comes after TIC outperformed different investment institutions by demonstrating positive growth in project registrations, investment value, and the number of jobs created.

Available statistics, according to the statement, say projects registered by TIC increased from 293 in January 2022 to 526 during a similar period in 2023, which is equivalent to 79.5 percent of the increase.

“The value of investment facilitated by TIC increased to $5.720 billion from $4.547.70 billion between January 1, 2023, and December 31, 2023, which is equivalent to a 25.8 percent increase,” reads another part.

The number of jobs created through TIC increased from 40,889 to 137,010 between January 1, 2023, and December 31, 2023, as compared to the same period in 2022, representing 235.1 percent of the increase.

Different global institutions have competed for the ‘best investment institution’ award alongside other investment awards since 2013, according to the statement.

The award is a recognition of the abundance of excellent foreign direct investment (FDI) projects from each region of the world that the Investment Promotion Agency (IPA) attracted in the respective year.

Dr Kida is in Abu Dhabi, joining over 12,000 dignitaries from over 175 countries, including ministers, government officials, decision-makers, and major investors from across the world.

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Tanzania's opposition party ACT Wazalendo honours veteran politician under new policy
Tanzania Foreign Investment News
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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy

Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.

The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.

Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.

The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.

“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.

To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.

The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.

In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.

Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.

The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.

Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.

Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.

Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading