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HUGE RELIEF AS TANZANIA INVESTMENT CENTRE'S ONE STOP FACILITY COMES INTO BEING "Credit News 24"

Investors are now set to breathe a sigh of relief, following establishment of Tanzania Investments Centre (TIC)’s One Stop Centre operations, placing all investment related services available under one roof.

Timely availability of investment permits were one of the inconveniences that had been eliminated, according to TIC Executive Director Geoffrey Mwambe, hinting that all necessary documents would now be issued within three days.

He added that the one stop facility comprises all departments responsible for investment activities, adding:

“This is aimed at saving the time investors were previously wasting in visiting every office.

Now everything is available here,” he affirmed on Monday at a press conference in Dar es Salaam. According to him, one stop centre officials agreed that some documents, like Environmental Impact Assessment Permit, among others, whose issuance takes so long, would now be processed while investors’ activities were ongoing.

“Provisional permits will be issued for a while, to allow investors continue with their business while other documents were processed,” said Mr Mwambe. At the same time, TIC has introduced a Land Bank Fund, specifically for setting special investment areas and issuing title deeds. The documents will give investors the freedom to choose the areas they wished to invest in.

The title deeds are currently available for some areas in Dar es Salaam (Kigamboni) and Tanga regions, according to Mr Mwambe, adding that those were efforts towards increasing Foreign and Domestic Direct Investments (FDI and DDI).

It was further noted that TIC succeeded to register six projects with international status. It was expected that the projects were set to invest over $2.626b and create 13,885 jobs.

What’s more, in the past seven months, the centre succeeded to register 209 projects in the industry sector and the rest for different investment areas, including tourism, transportation, commercial buildings and agriculture.

It was noted that the amount was quite big compared to only 351 projects, registered in 2016. The projects (209) are set to invest $1.15b and provide 14, 452 employments, according to the TIC boss.

He confirmed that there are foreign investors who want to run joint venture partnership, calling on Tanzanians to grab the opportunities. On most Small and medium Enterprises (SMEs) reportedly suffering from lack of capital, the TIC boss said the challenge was over since the central Bank discounted the interest rate to 12 per cent.

It was therefore time for banks to issues soft loans to SMEs as that was the reason behind the discount rate by the central Bank.

Having expanding capitals, TIC encouraged Tanzanians to engage in any kind of business with full assurance on availability of both local and international markets.

According to him, there are markets in America and Europe with only one condition that a person should enter any kind of the products, except weapons. On which countries have big investments in Tanzania, Mr Mwambe said it was United Kingdom, and China coming up very rapidly.

On the other hand, from January to July this year, TIC issued 2,945 working and 1,983 residence permits. In July alone, the centre issued 516 working permits.

Meanwhile, TIC set to confiscate all non-developed industries and practice re-registration for other investors, as part of efforts to intensify industrialisation.
Title : HUGE RELIEF AS TANZANIA INVESTMENT CENTRE'S ONE STOP FACILITY COMES INTO BEING "Credit News 24"
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