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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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
