Launch the Tanzania-US business and investment forum on Thursday in New York, he set the case for Tanzania as an ideal destination for businesses, not easy to overlook on the continental stage.
He cited reliable economic policies, a peaceful and stable environment, the country’s geographical position, the presence of large markets, a youthful workforce and digital infrastructure.
Other factors include a modern communication networks, a diverse economy, good governance, and a fair tax system, making it an appealing destination for foreign investments, he said.
He pointed at the long-standing ties between the two countries extend across half a century and beyond, asserting that for more than two decades, average economic growth rates hovered close to 7 percent, with a low inflation rate averaging 3.8percent up to December 2023.
“The IMF estimates that at this growth rate, Tanzania will have the largest economy in East Africa by 2028, he said, emphasizing that the country’s business environment is predictable, transparent and safeguarded against asset nationalisation.
This allows investors to repatriate profits after paying taxes, he specified, pointing at the country’s strategic location, sharing borders with eight countries, offering excellent business opportunities, with potential of a regional trade hub.
He similarly noted that Tanzania has a domestic market of over 62m people and can access markets of more than 500m people through regional communities such as the Southern Africa Development Community (SADC) and the East African Community (EAC).
