Tanzania Assures Czech of Smooth Investment

Tanzania has assured the Czech business delegation in the country that the government is welcoming their investment in a win-win basis, especially in the areas of aviation, industrial construction and agriculture.

The Minister for Industry and Trade Prof Kitila Mkumbo made the assurance in Dar es Salaam, recently adding that the government is ready to cooperate with them on mutual basis.

At the meetings, he said Tanzania was making various efforts to improve the business and investment environment, including policies through the implementation of blueprint, land, sea and air transport infrastructure as well as making Dar es Salaam a major business city by 2025.

The delegation was led by the Czech Foreign Minister, Mr Miloslav Stasek, the Deputy Minister for Finance Krel Tyll and Czech Ambassador to Kenya, Martin Klepetko.

Prof Mkumbo said the government has made various efforts including amending some laws to remove unnecessary bureaucracies, as well as the construction of industrial parks and many others aimed at ensuring the country continues to attract domestic and foreign investments.

Last year, the country recorded a total of 1.01 billion US dollars in Foreign Direct Investments (FDIs), higher than the 991 million US dollars recorded in 2019, World Investment Report 2021 by the United Nations Conference on Trade and Development (UNCTAD) showed.

The last time the country reported over billion-dollar FDI inflows was in 2015 at 1.56 billion US dollars. Then the inflows dropped to 864 million US dollars in 2016. The country recorded 938 million and 972 million US dollars in 2017 and 2018 respectively.

Year-on-year, Tanzania was reported to be the country that led with the highest increase of FDI inflows in the East African region, while other countries suffered adversely from the pandemic woes.

From 2019 to 2020, Tanzania recorded a 2.2 per cent increase of FDI inflows, while Uganda, Kenya and Rwanda recorded a huge drop.


Source link : https://allafrica.com/stories/202110120515.html

Author : Daily News

Publish date : 2021-10-12 10:18:07

share on: