Why the United Republic of Tanzania?
The United Republic of Tanzania is the second largest economy in the East African Community and the twelfth largest in Africa. The country is largely dependent on agriculture for employment, accounting for about half of the employed workforce. An estimated 34 percent of Tanzanians currently live in poverty. The economy has been transitioning from a command economy to a market economy since 1985.
According to recent reports, Tanzania is regarded as one of the most attractive investment destination in Africa. There are several factors which are considered by investors in determining the attractiveness of a particular territory/ economy. These include: the existing national policies, legal and regulatory framework, infrastructural settings, availability of competent work force, to mention but a few.
The Tanzanian Government has a favorable attitude towards foreign Direct Investment (FDI) and has made significant efforts to encourage foreign investment and considerable success in attracting investments. FDI attracted $1.87 billion of FDI inflows in 2013, a 72% increase from the previous year and the highest in East Africa region
The Tanzania Investment Centre (TIC) is the Focal point for all investors’ inquiries and facilitates project startups. It further provides for joint venture opportunities between local and foreign investors and disseminates investment information. Investment and trade opportunities promoted by the TIC include agriculture, mining. Tourism , telecommunications, financial services, energy, transportation and infrastructure development. The TIC also has the authority to manage public private Partnerships (PPPs)
Tanzania has emerged as a major regional trade Centre. This is mainly due to a very friendly and business like atmosphere it offers to foreign investors and products. Duties are considerably low and re-exports to neighboring countries are either very low or exempted.
Reasons for economic presence
- Use the great partnership opportunities of Tanzania with east Africa group and the market opportunity to penetrate this market through Tanzania gate.
- The port of Dar Ess Salaam, which is considered the gateway to East Africa.
- Vismed exploitation project (river shipping line between Victoria and the Mediterranean Sea) through the development of the port area of Lake Victoria Basin.
Using the group ambitions to be like the European union (central Bank, single monetary policy and unified passport by 2017.Also by using the benefits of trade agreement such as COMESA-SADC-EAC.
- The huge port of Bagamoyo project and try to win in its projects.