The Tanzania Investment Centre (TIC) executive director, Gilead Teri, has said that the centre is developing modern ways to attract investors and is increasing efforts to reach local investors to encourage economic growth across the country
The director explained that between January 2021 and June 2023, TIC registered a total of 778 projects, including 16 strategic ones. There were 256 projects in 2021 creating around 53,000 jobs, 293 in 2022 creating around 41,000 and a further 31,647 employment opportunities were created between January and June this year (although the number of projects was not disclosed).
Teri explained that registration of projects have been useful to the nation, creating around 125,000 jobs in total. He noted that TIC has helped this by increasing the efficiency to follow up and visit projects not only by phone calls but also going physically to project sites.
“We have five Zonal Offices and we have appointed fast young managers who are going to help and resolve investors' disputes including cooperating more with investors” Teri added.
The executive director continued by explaining TIC has developed modern ways to attract investors, including increasing efforts to reach local investors by visiting and educating them on the benefits of registering projects with TIC as well as participating in economic and investment conferences.
Teri remarked, “Our goal is to attract investments worth US$2bn per year and to continue with modern methods in attracting investments by using LinkedIn and virtual meetings. Our three-year strategy includes attracting investments in both traditional and new sectors.”
Part of this strategy has been a focus on the sugar industry with a goal to not have a shortage in the country in order to end the demand for sugar from abroad but instead be able to sell into other markets.