THE Tanzania Investment Centre (TIC) has entered into a one-year agreement with a Turkish consulting firm, Africapital Investment Holdings Ltd whereby the latter will attract capital investments to Tanzania.

Gilead Teri, the TIC executive director and Africapital CEO Burak Buyuksarac signed the pact in Dar es Salaam yesterday.

The Turkish firm has reputedly wide ranging knowledge of business activities in that country and outside, so it will help increase awareness and take up of investment opportunities for the TIC and implicitly, the government.

Africapital will effectively collaborate with international and local investors to seek capital link up for investments in agriculture, energy, trade and technology in construction, mining sectors, as well as for electricity and gas.

Recent statistics shows that Turkey has vast business potential, with the trade volume with Tanzania standing at $22m late last year, from $9m back in 2017.

The upward trend in trade volume between the two countries is mainly contributed by exports of minerals and raw agricultural produce, with the Turkish firm CEO affirming that the firm works with small institutions, intending to raise capital for start-ups, thus seeing room for collaboration as quest is being energetically pursued in Tanzania at present.

Within the period stated in the contract, the firm is confident it will bring as many companies as it can, seeking to put a foothold in Tanzania, he said.

The TIC was explicit that all prospective investors seeking out available opportunities will be assured of a conducive working environment, working smoothly and being safe in person and properties.

Registering an investment project at TIC requires a minimum of $0.5m for foreign investors and $0.3m for local, with observers noting an upward trend over the past few years.

There was a marked deterioration in the business and investment climate for half a decade, where the focus shifted to public sector strategic projects that now change the facilitation for attracting foreign investments, analysts say.

President Samia Suluhu Hassan sees foreign investments as a huge opportunity to boost the gross domestic product (GDP), especially in creating more jobs and widening the tax net.

President Samia was recently in Turkey for a five-day state visit, where a meeting was arranged between members of the Turkish business chambers and the visiting delegation.