Dar es Salaam. The Tanzania Investment Centre (TIC) has initiated a campaign to highlight new incentives stemming from recent reforms, aimed at attracting $3.5 billion (Sh9.1 trillion) in domestic investments.
In addition to engaging with various regional authorities, the centre convened a meeting on Thursday, July 25, 2024, with local investors to address their concerns and introduce them to the newly implemented incentives following undertaken legal reforms.
TIC’s managing director, Gilead Teri, highlighted the transformative impact of the revised Investment Act on the sector.
“President Samia Suluhu Hassan’s administration has revolutionised investment practices in our country; evident from this year shows a significant surge in project registrations,” he said.
Mr Teri reported a remarkable 38.19 percent growth in domestic investments during the 2022/23 fiscal year, crediting the government’s initiatives for this positive trend.
TIC recorded 707 project registrations valued at $6.561 billion (Sh17,05 trillion) in the fiscal year 2023/24, an increase from the 369 projects worth $5.394 billion (Sh14,02 trillion) that were listed in the previous fiscal year.
He emphasised the operational efficiency achieved through the establishment of a one-stop centre, which streamlines service delivery and provides investors with quick access to essential information.
Key sectors driving this growth include manufacturing, with 313 projects valued at $2.462 billion (Sh6.4 trillion), followed by transportation, with 128 projects worth $1.035 billion (Sh2.7 trillion).
The construction of commercial buildings saw the registration of 76 projects worth $1.079 billion (Sh2.81 trillion), while the tourism and agriculture sectors recorded the registration of 75 projects valued at $349.40 million (Sh908.44 billion) and 56 projects worth $710.02 million (Sh1.85 trillion), respectively.
Mr Teri underscored the importance of the digital platform launched by TIC for enabling investors to register projects within one to three days, regardless of their location.
He noted that the Thursday meeting was convened to address challenges local investors were facing, particularly delays in the provision of services.
Looking ahead, TIC aims to register 1,000 projects valued at $5 billion (Sh13 trillion) from foreign investments and $3.5 billion (Sh9.1 trillion) from domestic investments in the 2024/25 financial year.
One of the participating local investors, Mr Amir Hamza, lauded TIC for the meeting for enhancing understanding of the new investment landscape and its potential to drive economic growth, citing the importance of the new laws and incentives that have been introduced.
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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.”
ALSO READ: NBC participates in TFF 2023/24 awards, promises to enhance competition
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
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