Dar es Salaam. Tanzania Investment Centre (TIC) has encouraged local investors to keep striving after noting their significant contribution to the economy.
TIC executive director, Mr Gilead Teri, said almost half of the investment projects the centre currently registers involve the participation of Tanzanians.
“Our laws strongly uphold the rights of local investors, who have been a crucial pillar in driving investment growth. This year alone, there has been an increase of nearly 260 domestic investors, and others are collaborating with foreign partners,” said Mr Teri.
Speaking at an event to mark the 20th anniversary of beverage company Mega Beverages over the weekend, Mr Teri said the firm has set an example that Tanzanian companies are capable of succeeding.
“We encourage them to keep striving, as they have successfully navigated a highly competitive market comprising both local and foreign investors,” he said.
The government supports local investors through its investment policies and in 2022, it reduced the minimum investment threshold for recognition as an investor, from $100,000 to $50,000, allowing more investors to access tax benefits.
Mr Teri also revealed that by November 29, 2024, TIC had registered 800 investment projects, projecting 2024 as a potential record-breaking year for registered investment projects.
While the figure already outpaces recent years, it remains shy of the 865 projects recorded in 2013, which currently holds the record, according to him.
“Since we began officially registering projects in 1997, the record year has been 2013, but with the significant increase in projects this year, there is a strong possibility we will surpass it,” Mr Teri said.
The projects span sectors such as manufacturing, construction, real estate, transportation, agriculture and tourism.
Mr Teri attributed the achievements to reforms aimed at enhancing the investment climate, which he said is now more attractive than ever.
“Beyond favourable policies, Tanzania offers abundant natural resources, reliable energy, a vast market, and a capable workforce, making it a prime destination for productive investments,” he said.
Mr Teri commended Mega Beverages for thriving in a competitive industry that contains both local and foreign investors. He said the survival and growth of the company demonstrate the potential of Tanzanian enterprises.
The beverage industry turnover was estimated at $3 billion (Sh8 trillion) in 2023, with spirits alone contributing $721 million (Sh1.8 trillion), he said.
Mr Teri noted, for example, that 80–90 percent of all beverages sold in Tanzania last year were locally produced, particularly beer. He expressed optimism that imports would significantly decline over the next two years as more foreign producers set up operations locally.
Mega Beverages marked the 20th anniversary by unveiling a new edition of its K-Vant brand, designed specifically for the festive season. The product features a unique golden packaging and a new flavour profile.
K-Vant’s brand manager, Mr Awatif Bushiri, shared that the drink is already sold in Kenya, Rwanda, the Democratic Republic of Congo, and Malawi.
“The special edition is a premium gift for the holiday season, aged for three months to achieve a golden hue and an exceptional flavour. It will remain available in stores until early 2025,” she said.
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Africa: Rwanda Gets a Grip Of Marburg, But Mpox ‘Not Yet Under Control’
Monrovia — The Rwanda Minister of State responsible for Health, Dr. Yvan Butera, cautioned that while the country is beginning to see positive signals in its fight against the Marburg virus, the outbreak is “not yet over”. He, however, expressed hope that “we are headed in that direction”. The minister said the epidemiology trend, since the disease was first discovered in the country more than a month ago, is moving towards fewer cases.
Dr. Butera, who was giving updates during an online briefing yesterday, said in the past two weeks, only two deaths were recorded while 14 people recovered from the disease. He said Rwanda was expanding its testing capacity with 16,000 people already inoculated against the disease.
The priority right now, Butera said, is “rapid testing and detection”.
Marburg is a highly virulent disease transmitted through human-to-human contact or contact with an infected animal. The fatality rate of cases, which has varied over the period, is more than 50%, according to the World Health Organization. WHO said the highest number of new confirmed cases in Rwanda were reported in the first two weeks of the outbreak. There’s been a “sharp decline” in the last few weeks, with the country now tackling over 60 cases.
At Thursday’s briefing, a senior official of the Africa Centers for Disease Control, Dr. Ngashi Ngongo, said mpox – the other infectious disease outbreak that countries in the region are fighting – was been reported in 19 countries, with Mauritius being the latest country to confirm a case. He said although no new cases have been recorded in recent weeks in several countries where outbreaks occurred previously – including Cameroon, South Africa, Guinea, and Gabon – Uganda confirmed its first Mpox death. This, he said, is one of two fatalities reported outside Central Africa.
Dr. Ngashi revealed that there was an increase in cases in Liberia and Uganda. He said mpox cases were still on an upward trend.
“The situation is not yet under control.”
Source: allafrica.com
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