Since President Samia Suluhu took office in 2021, one of her top agendas has been to ease investment and business environment for both domestic and private investors in order to attract more investments to create more jobs and generate government’s income.
One of the notable measures in response to President Samia’s order in addressing the issue of tedious procedures to secure investment approval, is hosting 11 government institutions in one building.
Now potential investors will no longer have to visit different government institutions at different locations to secure permits or conduct any paper work, instead every paper work will be completed under the building, TIC office. The procured will save time, and speed up investments in Tanzania.
This is the list of the institutions at TIC;
- Ministry of Labor
- the Ministry of Lands
- Immigration Office
- National Identification Authority (NIDA)
- National Environment Management Council (NEMC)
- Tanzania Revenue Authority (TRA)
- Business Registration and Licensing Agency (BRELA)
- Tanzania Bureau of Standards (TBS)
- Tanzania Medicines and Medical Devices Authority (TMDA)
- Occupational Safety and Health Authority (OSHA)
- Tanzania Electric Supply Company (TANESCO) and TIC itself.
In its press release, Tanzania’s main investment agency explains that in the period from June 2021 to July 2022, a total of 274 projects have been registered, compared to 234 projects registered during the same period in 2020-2021.
The projects registered during 2021-2022 are expected to generate 43,925 jobs in comparison and 36,470 jobs reported in 2020-2021. The projects are in an array of sectors including industry, transport, agriculture, construction, infrastructure, finance, human resources, tourism and services.
TIC explains the success in the registration of investment projects with the promotion activities, the strengthening of coordination, and provision of services to investors.