Tanzania may receive $4.2 billion in foreign direct investment this year, double the average annual amount, boosted by inflows for a single project, the head of the Tanzania Investment Centre said.
“A few days ago, we got someone who is bringing investment that’s more than the annual combined investment that we have been getting,”
acting Executive Director Clifford Tandari said, declining to provide any details.
“So the future outlook is very positive and very encouraging for the country. We stand to double the volume of investment very soon, given the current regime.”Tanzania is the third-biggest gold producer on the continent and holds natural gas reserves of about 57 trillion cubic feet. The country is planning projects including an LNG plant that could cost as much as $30 billion, a $10 billion port at Bagamoyo and a $7 billion railway upgrade that will be partly financed by China. The nation has also clinched a deal to host a $3.6 billion oil pipeline to transport Uganda’s crude to its Indian
Ocean port at Tanga.
China, India, the U.K. and Kenya remain Tanzania’s leading sources of FDI and mining, tourism, health care, agriculture, real estate and assembly of motor vehicles, tricycles and motorbikes are the main sectors that investors are keen on, Tandari said.
The nation intends to cut the time it takes for foreign investors to get certification to three days this month from two weeks previously. It is also studying policy to amend areas of conflict, he said.
“We are trying to make investment conducive for both local investors and foreign investors,” Tandari said.
- Source: www.bloomberg.com