|Tanzania is an emerging economy with high growth potential. Whilst the economy is relatively diversified, a number of opportunities remain untapped in many sectors. In an attempt to make Tanzania, the preferred destination for foreign direct investment, continuous improvements towards the creation of an enabling environment have been made. Investment opportunities existing in Tanzania have been categorised in terms of Lead sectors and Priority sectors including:|
1. Agriculture: Agriculture is the leading economic sector in Tanzania, providing a livelihood to 80% of the population subsisting on less than two hectares. It is the primary source of food and raw materials accounting for not quite half of the GDP and a leading export sector. It remains critical for achieving sustained growth, poverty reduction and rural development.
2. Live Stock: The live stock sector comprises of the Beef Industry, Piggery, Goats and Sheep, Poultry Industry, and Dairy Farming
3. Manufacturing: Currently the manufacturing output contributes around 7.4% of GDP. The Government has placed great emphasis on industrial diversification and encouraging establishment of import substitution industries.
4. Health: After a series of major economic and social changes, the Government adopted a different approach to the role of private sector. New policies were developed that looked favorably on the role of the private sector. The importance of the private sector in health care delivery was further recognized with an amendment to the Private Hospitals (Regulatory) Act, 1977 which resulted into the establishment of the Private Hospitals (Regulation) (Amendment) Act, 1991.
5. Education: The government role is now changing from that of a key player to that of a facilitator in the provision of education and training. This new role of the government provides a more conducive environment for the private sector to increase its investment in education. Private investment in education will establish a more learning environment that will allow imparting both knowledge and technology to the youth and the whole society.
6. Natural Resources: Tanzania has about 33.5mn ha. of forests and woodlands. Out of this total area, almost two thirds consists of woodlands on public lands. About 13mn ha. of this total forest area have been gazetted as forest reserves. Over 80,000 ha. of the gazetted area is under plantation forestry and about 1.6mn ha. are under water catchment management.
7. Mining Sector: Economic reforms undertaken since mid 1980s have opened investments in the mining sector to both local and foreign. The outcome has been remarkable in terms of investment in the sector, with 82 mining licenses and over 1,500 prospecting licenses issued in the last five years.
8. Tourism Sector: There are 12 national parks, 17 game reserves, 50 game-controlled areas, a conservation area, two marine parks and two marine reserves. The country’s tourist market is divided into two major circuits (The Northern Circuit and The Southern Tourism Circuit).
9. Banking and Insurance: Since the liberalisation of the financial sector under the guidance of the Banking and Financial Institutions Act of 1991, several key multinational financial institutions have established financial business in Tanzania. Well recognised international banks in Tanzania with the number of branches include Standard Chartered Bank, Backlays Bank, Stanbic Bank, Delphis Bank and ABSA Bank which bought the former state owned commercial bank, NBC Ltd.
10. Economic Infrastructure: Opportunities in infrastructure investment are wide, ranging from highways, bridges, telecommunication, airports, railways, water distribution and power generation.
Tanzania Investment Centre (TIC) is the primary agency of Government to coordinate, encourage, promote, and facilitate investment in Tanzania and to advise the Government on investment related matters.
TIC is the focal point for investors. It is the first point of call for potential investors; it is a "one stop facilitative centre for all investors". TIC has established Zonal offices in Kilimanjaro, Mwanza and Mbeya regions in order to assist Investors who are based in nearby regions to access TIC services without necessarily travelling to Dar es Salaam. The Zonal offices are responsible in assisting investors to obtain all relevant permits, approvals and licenses they require in order to set up their business.
TIC's Vision: Our Vision is to become a world Class Investment Promotion Agency portraying Tanzania as Africa’s premier investment destination.
TIC's Mission: Our Mission is to Promote and Facilitate Investment for national economic growth by enhancing an environment conducive for business and entrepreneurship growth.
TIC's Core Values: The Tanzania Investment Centre will achieve its vision through a positive corporate culture underpinned by team spirit, professionalism, integrity, creativity, customer care and dedication to excellence.
As a primary agency of the Government in all investment matters, TIC is charged with the following functions:
- Assist in the establishment of enterprise e.g. incorporation and registration of enterprises;
- Obtain necessary licenses, work permits, visas, approvals, facilities or services;
- Sort out any administrative barriers confronting both local and foreign investments;
- Promote both foreign and local investment activities;
- Secure investment sites and assist investors to establish EPZ projects;
- Grant Certificates of Incentives, investment guarantees and register technology agreement for all investments, which are over and above US$ 300,000 and US$100,000 for foreign and local investments respectively;
- Provide and disseminate up to date information on existing investment opportunities, benefits or incentives available to investors: and
- Assist all investors whether or not registered by TIC.
Facilitative Role of TIC: In order to strengthen and expedite facilitation services, ten Senior Officers from Government or its Executive Agencies have been permanently stationed at TIC to serve investors under one roof. Presently these officers include those from:
1. Ministry of Lands, Housing and Human Settlement Development;
2. Tanzania Revenue Authority (TRA);
3. Immigration Department;
4. Ministry of Labour, Employment and Youth Development (Labour Department);
5. Ministry of Industry, Trade and Marketing (Directorate of Trade)
6. Business Registration & Licensing Agency (BRELA)