Tanzania Urges Strategic Foreign Investment to Boost Economic Growth

(3 Minutes Read)

The Tanzanian government has reiterated its appeal for large-scale, strategic foreign investments, cautioning against ventures that compete directly with local small businesses. This message was delivered in Dar es Salaam by Professor Kitila Mkumbo, Minister of State in the President’s Office for Planning and Investment, during a press briefing on the upcoming second phase of the Business and Investment Environment Improvement Program.

Professor Mkumbo emphasised that Tanzania is not seeking foreign investors to engage in small-scale retail operations, such as running shoe stores or selling produce. Instead, the government encourages investors with substantial capital who are capable of initiating transformative projects that will drive economic growth and create employment opportunities for Tanzanians.

As part of the next phase, the government will engage with business and investment stakeholders across 16 regions, including Arusha, Dodoma, Mwanza, Kigoma, Mtwara, and Dar es Salaam. These regions will serve as consultation hubs to collect feedback from a broad spectrum of stakeholders—ranging from entrepreneurs and investors to citizens and employees from both public and private sectors.

“Our objective is to develop a strategy that reflects the ambitions and insights of all key players in the business and investment ecosystem,” said Prof. Mkumbo. He urged business associations and investor groups to contribute actively to the consultation process to ensure that the resulting policy framework supports their growth and aspirations.

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Professor Faustine Kamuzora, who leads the strategy development team, noted that the first phase of the program—implemented over the past six years—will conclude in December. He acknowledged the progress made and challenges encountered, noting that the next phase aims to build on these achievements while addressing remaining obstacles. The overarching goal of the initiative is to enhance Tanzania’s competitiveness as an investment destination and to foster a business environment that strengthens the national economy.