Tanzania Showcases Investment Opportunities at COP28, Encourages Egyptian and Global Investors

Dubai, United Arab Emirates: In a stride towards bolstering international investments, Tanzania’s Minister for Livestock and Fisheries, Hon. Abdallah Ulega, actively participated in an investment-focused meeting organized by the Tanzania Investment Centre (TIC) at the Food Systems Pavilion during the COP28 climate change conference on December 5, 2023.

Welcoming Global Investors

Speaking from the Tanzanian pavilion, Hon. Ulega extended an open invitation to investors from Egypt and other nations, highlighting the abundant opportunities available in Tanzania. He emphasized that under the leadership of Hon. Dr. Samia Suluhu Hassan, the sixth-phase government has significantly improved the business environment. This includes offering tax subsidies for locally produced goods, reducing bureaucratic hurdles in investment documentation, and leveraging the country’s rich human resources and extensive domestic and international markets.

Investment Certificate Awarded to Elsewedy

In a notable development, Minister Ulega awarded an investment certificate to Elsewedy, an Egyptian company that has recently registered with the TIC. This gesture underlines Tanzania’s commitment to facilitating and recognizing foreign investment.

Supportive Investment Climate

Speaking on behalf of the Minister of Planning and Investment, Hon. Prof. Kitila Mkumbo, attendees were assured of Tanzania’s favorable investment conditions. The recent enactment of the new Investment Law in 2022 was highlighted as a testament to the government’s dedication to creating a welcoming and supportive environment for investors.

TIC’s Integrated Service Approach

Daudi Rigana, the Investment Promotion Manager for Foreign Markets at TIC, outlined the Centre’s strategic preparations to attract investment. He emphasized the establishment of a one-stop service center, consolidating 12 investment-supporting institutions under one roof, thereby offering seamless services to investors upon their arrival at TIC.

Elsewedy’s Expansion Plans

Engineer Mohammed Alkammah, Director-General of Elsewedy, announced the company’s ambitious plans to construct a major electrical equipment manufacturing plant in Kigamboni Municipality and to develop an industrial zone in Kibaha town.

Diverse Participation at the Meeting

The meeting, held on the sidelines of the COP28 conference in Dubai, United Arab Emirates, saw participation from various stakeholders, including the Secretary-General of the Ministry of Energy, Felchesemi Mramba, and Grace Lemunge, the Monitoring and Evaluation Manager from TIC.

This engagement at COP28 highlights Tanzania’s proactive approach in showcasing its investment potential on a global stage, particularly in the context of sustainable development and climate change mitigation.

TIC hosted the meeting alongside the COP28 conference, focusing on showcasing various opportunities available in “green projects” that have minimal environmental impact. This initiative is part of Tanzania’s commitment to sustainable development and environmental conservation. TIC has been instrumental in attracting investments in renewable energy sectors, including solar, wind, hydroelectric, biomass, and geothermal power These efforts align with global trends towards cleaner energy sources and demonstrate Tanzania’s proactive approach in balancing economic growth with ecological responsibility.