Speaking at the Tanzania Private Sector Foundation (TPSF) Executive Director Mr. Godfrey Simbeye said ” It’s very difficult for any economic developing country to thrive without Foreign Direct Investment”. Most FDI’s currently in the country are mostly centered around agriculture, manufacturing, transportation and logistics, trade businesses and services industries. Foreign Investment in the country is very important in generating employment, Tax Revenue collection, skills development, transportation and logistics improvement and the development of the nation as a whole.
“In 2014, investors from the European Union (EU) alone as block were the biggest contributors to Tax revenue in 2014”, the private sector head pointed. The EU contributed to USD 813 Million which accounted for more than a quarter of the total revenue collected for that same year. Companies from the EU have invested more USD 4.5 Billion between 2008 and 2014 and gave employment to more than 95,000 Tanzanians. “We believe that this trend has remained the same even throughout 2016”, Mr. Simbeye added.
In addition to the foreign investment from the European Union, TPSF commends the government on quick resolve and creating incentives for both local and other foreign investors, such as the recent statement from the President to of URT. Dr. John Pombe Magufuli giving directives to the government to ensure power supply to Bakhresa processing plant in Mkuranga District and resolve of Dangote Cement plant production challenges in Mtwara.
TPSF continues to function as the apex body and the voice of the Private Sector in the country, advocating and advising the government on means of creating a better and competitive business environment for local businesses and foreign investors.