Tanzania Leads in Direct Foreign Investment in East Africa

DAR ES SALAAM (NNN-DAILYNEWS) -- Tanzania has recorded the highest Foreign Direct Investment (FDI) compared to other East African countries.

 Organization (ILO) offices in Dar es Salaam on Friday, indicated that Tanzania was leading 47 per cent in FDI compared to Uganda and Kenya which recorded 34 and 14 per cent respectively.

The report was launched by the United Nations Resident Coordinator, Mr Alberic Kacou and Executive Director of Tanzania Investment Centre (TIC), Mr Raymond Mbilinyi.

Commenting on the report, Mr Mbilinyi mentioned tourism, natural resources, gas and oils and service industries like banks, as some of the areas that have continued to attract DFI.

"As the global economy is on crisis, we have also been affected, still we could have done better than what we did so far," he explained.Mr Mbilinyi also said that the revolutions in the Arab world dubbed the 'Arab Spring' and the country's power crisis affected the general trend of investment in Tanzania.

The challenge that the country faces is how to increase productivity.He mentioned the United Kingdom, Kenya and China as the countries with higher investment capital in Tanzania.

He clarified that the country has made strides in terms of infrastructure development, especially roads that have enhanced economic activities.

Giving a statement on the report, with the focus on policy matters in Tanzania, UN Resident Coordinator Mr Alberic Kacou urged African countries to adopt and implement effective investment policies framework for sustainable development.

Mr Kacou told invited guests from government, civil societies, diplomatic missions and press members that it was time for them to take up financial challenges by harnessing economic growth for sustainable and inclusive development.

He pointed out that investment was the primary driver of the economic growth, therefore priority for all countries should be mobilizing investment and ensuring that it contributes to the national sustainable development.

During the launch, there was concern on whether FDI has made contribution to poverty alleviation and corporate social responsibilities.

Representatives from the press, higher learning institutions as well as civil societies urged TIC to adopt policies which are integrated to development strategies, effectiveness and responsible investor behaviour.

Mr Kacou recommended inclusiveness and transparency for the betterment of the country. -- NNN-DAILYNEWS