Minister of Investment and Facilitation
Dr Mary Nagu
Govt says TIC doing a commendable jobBy The guardian reporter
The government has hailed efforts made by Tanzania Investment Centre (TIC) for a job well done in spearheading investment and promoting the country’s drive for economic development in other parts of the world.
The commendations were extended in Dar es Salaam yesterday by the Minister in the Prime Minister’s Office, Investment and Facilitation, Dr Mary Nagu at a familiarisation tour to the investment promotion agency.
Dr Nagu said the government is aware and appreciates the crucial role the agency is playing in bringing investors to the country, a thing she said has had a direct positive impact in today’s competitive world.
“We in the government appreciate your efforts in bringing in investors to the country,” she told the agency workers, adding that having a strong base of active investors will increase the number of taxpayers for more government revenue, which in turn would help Tanzanians to embitter social services.
She also urged TIC to pay special attention to domestic investors, saying:
“Follow them where they are and promote them,” she advised, adding that this was very important because many Tanzanians still do not value the role of private sector in development due to the country’s historical precedence whereby all the commanding heights of the economy were at one time under government monopoly.
She said bureaucracy and corruption among civil servants are useless and vices that should be fought at all costs for the country to attract more investors.
The minister said that it is through investment that the country’s current economic growth of 6 per cent can be pushed up to the desirable 11 per cent that would eventually see Tanzania leapfrog in terms of social economic development.
In his presentation to the Minister, TIC executive director Emmanuel Ole Naiko explained the agency’s vision and mission and progress made for the 20 past years.
He said that Foreign Direct Investments (FDIs) flows for the past 15 years have increased with an average of between USD150m and USD740m per annum.
“Despite various global hardships experienced in the past 15 years, growth has also been witnessed in various areas,” he said.
He said GDP growth rate has increased from an average of 4.9 per cent to 7.8 per cent from 2000 to 2009.
He said that key sector like agriculture grew by between 10.3 per cent and 12.7 per cent per annum while mining grew by an average of 1.8 per cent to 2.7 percent per annum.
According to statistics, growth in the wholesale and retail trade (including tourism) grew by between 14.3 per cent and 15.8 per cent per annum.
Investment levels have increased sharply from about USD874m per year in 2000 to USD 5, 066m in 2010.
SOURCE: THE GUARDIAN