Tanzanian President wants more foreign investors in the country

DAR ES SALAAM, Tanzania

Tanzanian President Samia Hassan has today said there is need to regain investor trust in the country and bring back investors who shifted their businesses to other countries due to non-conducive business environment.

Speaking at the swearing in of the newly appointed Permanent Secretaries and heads of public institutions at State House in Dar es Salaam, Hassan directed the ministries and institutions responsible for investment and trade to remove all kinds of bureaucracy and desist from corrupt acts.

"The truth be told; investors are closing their businesses and shifting to other neighboring countries. They don’t trust us anymore because of our bureaucratic conducts." She noted.

According to her Investors are terming Tanzania as an ‘unpredictable’ country when it comes to doing business or investments because of tax and work permit uncertainties.

"I know someone who was a long time investor butshifted his investments to another country (not mentioned) due to tax complexities. He came to me when I was the Vice President saying he was ready to pay the taxes he owed the government. I called the responsible officer to serve him, but the investor ended leaving the country without even saying goodbye,” She said.

She was not sure why the investor had to leave without even paying the taxes.

"I wonder if he was threatened to be charged with either money laundering or economic sabotage cases.” She said.

Starting a business and access to work permits to foreign investors is also another challenge that needs to be addressed, according to her, resulting to loopholes of corruption conducts.

She directed work permits issuing department to allow investors employ workers they trust instead of forcing them to employ only Tanzanians.

Despite establishing a One-stop center at the Tanzania Investment Center (TIC), which puts all institutions responsible for investment processes in one place, still investors are walking here and there to get business certificates and permits.

"Our image out there is not pleasing at all. Please bring back our trust to investors and attract them to come back. They might need us to survive but we truly need them the most.” She said.

Hassan wants more intevestments and trade in the country in order to create more jobs and increase money circulation to Tanzanians.

"Tanzanians are crying all over the country that their pockets are empty. We need healthy investments and trade to fill their pockets,” she said.