(3 Minutes Read)
Along with strengthening the country’s investment conditions, the bill proposes the merger of the Tanzania Investment Centre (TIC), the Export Production Zone Authority (EPZA), and the establishment of an authority to encourage investment and special economic zones
The Tanzanian government has presented a bill in parliament, proposing the enactment of the Tanzania Investment Act of 2024 to improve the investment environment in Tanzania and strengthen the institutional system for the coordination and management of investments in the country.
Along with strengthening the country’s investment conditions, the bill proposes the merger of the Tanzania Investment Centre (TIC), the Export Production Zone Authority (EPZA), and the establishment of an authority to encourage investment and special economic zones.
The new authority will be established as an independent government agency known as the Tanzania Investment and Special Economic Zones Authority. This authority will have the legal capacity to continue existing indefinitely (perpetual succession) and will be represented by a common seal.
In its capacity as a legal entity, the Authority will have the power to own assets including both tangible assets (like land, buildings, and equipment) and intangible assets (like intellectual property), and engage in legal proceedings the Authority can sue or be sued in a court of law.
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The authority can also enter into contracts, form legally binding agreements with other parties, and perform any lawful act which means the Authority can undertake any action necessary to fulfil its objectives under the law.
