THE Tanzania Investment Centre (TIC) has launched a campaign to promote new incentives resulting from reforms, to boost local investment.

Gilead Teri, the TIC managing director, made this affirmation at a meeting with local investors in Dar es Salaam yesterday to address their concerns while explaining current incentives following legal reforms to improve the investment environment. 

He said the meeting was also meant to push an active engagement with various regional authorities, which need to grasp the scope of opportunities under the revised Investment Act 2022.

The government has revolutionized investment practices, he said, underlining that the impact is noticed in the surge in project registrations during the past year, with a remarkable 38.19 percent growth in local investments during fiscal 2022/23.

Crediting government initiatives for the positive trend, he said that TIC recorded 707 projects valued at $6.5bn during the past financial year ending last month, nearly doubling the 369 projects billed at $5.3bn registered the previous fiscal year.

He cited the operational efficiency achieved with the one-stop center, streamlining service delivery and providing investors with quick access to essential information.

Key sectors driving project growth included manufacturing with 313 projects valued at $2.4bn, while transportation had 128 projects valued at $1.03bn. Commercial buildings saw 76 projects expected to take up $1.07bn, while tourism registered 75 projects worth $349.4m, with agriculture fielding 56 projects taking up $710.02m, he elaborated.

Underscored the vital use of the TIC digital platform, he said it is meant to enable investors to have their projects registered in one to three days, regardless of their location, with TIC executives meeting investors to address challenges they face for instance delays in the provision of services.

Profiling the TIC view of the current investment year, he said that looking ahead, TIC aims to register 1,000 projects valued at $5bn from foreign investors and $3.5bn from local investors.

Amir Hamza, a locally based coffee investor, lauded the TIC initiative to convene the meeting, saying that it will enhance understanding of the new investment landscape and its potential to drive economic growth. The new legal cadre and incentives introduced will be of utmost importance, he declared.