Few days after the Government reiterated its pledge to restore investors' confidence, Prime Minister Kassim Majaliwa has assured them of the protection of their investments to easily access markets within and outside the country.
The Premier gave the assurance in Kibaha District, Coast Region during his official visit to BM Motors, a company that assembles buses. Premier Majaliwa also visited Kairuki Pharmaceuticals Industry Limited (KPIL).
"The Government is supporting you, thus we have set a conducive environment to accommodate those who wish to invest in the country, we will be visiting all the investors to get to know them and the challenges they are facing as well as solve them," he said.
He added: "Those who wish to boost their capital should not hesitate to do so and our doors are open to both local and foreign investors.
Moreover, Mr. Majaliwa has instructed all government institutions overseeing investment issues should ensure all investors who have expressed interest to invest in Tanzania are supported without unnecessary bureaucracy.
He further directed them to ensure they put in place all necessary services such as water, electricity roads and plots in areas where there are investors.
Similarly, Mr. Majaliwa has instructed the Kibaha Town Council Executive Director, Ms. Jenifa Omolo to use media to publicize the Zegereni industrial area and the Head of departments should eliminate bureaucracy so that people can easily come and invest in the area.
During her maiden address to the National Assembly in Dodoma last week, President Samia Suluhu Hassan pledged to restore investors' confidence in Tanzania by overhauling investment laws and offering incentive packages.
"We should offer incentives to strategic investors and dismantle hurdles that discourage investors from doing business in the country," she said.
President Samia directed the Tanzania Revenue Authority (TRA) to urgently resolve tax wrangles with local and foreign investors, insisting that oppressive tax regimes are uncalled for and ensure fairness in discharging tax laws.
The President said the country's efforts to develop the economy could not be achieved if it sidelines investors.
"We need massive investments in the manufacturing sector that will subsequently create jobs for the majority of Tanzanians," she said, adding that her administration will also encourage the creation of industrial parks across the country.
Earlier yesterday, Coast Regional Commissioner Engineer Evarist Ndikilo assured investors who want to invest in the Zegereni industrial area that all challenges in the area including water, electricity and roads will be resolved.
KPIL located in the area is expected to come on stream in the first half of 2021; the factory will feature two production lines with an annual production capacity ranging between 57 - 64 million units.
Initially, the factory will involve itself with the production of parenteral based pharmaceutical products.
The company is slated to establish a strong presence for its products not only in Tanzania but also in the African subcontinent in general.