+62-813-1133-9193 info@tanzanian-consulate.id

Business

Trade & Investment between Tanzania and Indonesia

Tanzania is an emerging economy with a very high growth potential. Whilst the economy is relatively diversified, a number of opportunities remain untapped in many sectors. These investment opportunities have been divided into two categories: the Lead Sectors and the Priority sectors.

The Lead Sectors include: Agriculture and Agro-based Industries; Mining; Petroleum and Gas; Tourism, and Infrastructure.

Investment Opportunities

 

The Priority Sectors include:

Energy

Manufacturing

Chemical Industries

Natural Resources (Fishing & Forestry)

Construction & Real Estate Development

Management Consultancy

Human Resource Development (Hospitals, Health Centers, and Educational Facilities)

Radio & Television Broadcasting

Export Oriented Projects

These categories and their respective investment opportunities have been detailed by the Tanzania Investment Centre (TIC), which is the primary agency of government assigned to coordinate, encourage, promote and facilitate investment in Tanzania.

Trade Opportunities

Following its liberalized trade regime and a sustained economic growth, Tanzania has enormous opportunities in both domestic and external markets. Currently, Tanzania exports coffee, cotton, manufactures, cashew nuts, minerals, tea, sisal, tobacco, cloves and pyrethrum to Germany, Japan, India, Belgium-Luxembourg and Britain ; and imports machinery and transport equipment, textiles and clothing, petroleum products and food & drinks from Britain, Kenya, Japan, Saudi Arabia, India and China.

Tanzania is also strategically located as it provides an entrance to six landlocked neighbouring countries. Therefore business opportunities in Tanzania go beyond its borders, by considering the East African Community (with almost 90 million people), SADC (300 million people), EU (through Everything But Arms initiative), US market through the African Growth and Opportunity Act (AGOA) window, and Chinese market through Special Preferential Tariff Agreement with China. In all these markets products from Tanzania receive either relatively low tariff or tariff free treatment. 

Why Invest in Tanzania?

Tanzania enjoys an abundance of natural wealth, which offers tremendous investment opportunities for investors. These include an excellent geographical location (six land locked countries depend on Tanzania ports as their cheapest entry and exit ports); arable land; world renowned tourist attractions (Serengeti, Kilimanjaro, Ngorongoro, and the Spice islands of Zanzibar); natural resources; a sizeable domestic and sub regional market; a wide local raw materials supply base; abundant and inexpensive skills; assurance of personal safety; warm friendly people and a suitable market policy orientation.

The following are among the major reasons why you should invest in Tanzania:

  • High degree of investment security because of unparalleled political stability that is strife-free without ethnic division; democratic rule that respects diversity of opinion and a strong tradition of constitutionality and rule of law.
  • Business-friendly Macro-Economic Stability with low inflation (4.2%), stable exchange rates supported by unrestricted and unconditional transferability of profits, loan repayments, emoluments, royalties, fees and changes.
  • Simplified bureaucracy, streamlined through the acclaimed services of the Tanzania Investment Centre which is a one-stop-facilitation agency of government serving registered investors and businesses.
  • Successful economic liberalization measures commended by both the World Bank and the IMF with business-supportive legislation continually being improved through genuine dialogue between government and the private sector.
  • A well-balanced package of incentives to investors with additional negotiated benefits to strategic investors.
  • FAVOURABLE GEOGRAPHICAL LOCATION OF TANZANIA; Rapidly emerging as the most effective entry point and gateway for trade into Eastern, Southern and Central Africa.
  • Lucrative investment opportunities in infrastructure, privatization and value adding facilities.
  • Investment guarantees, and settlement of Disputes. Investments in Tanzania are guaranteed against Political risks, Nationalization and Expropriation.
  • Any foreign business operating in Tanzania may obtain credit from domestic financial institutions up to the limits established by the Bank of Tanzania. Major banks like Standard Chartered, ABSA, Barclays, Citibank, Stanbic, Exim etc. have invested in Tanzania.
  • Existing investors are ready to expand their businesses in Tanzania as depicted in the recent survey conducted by TIC, BoT and NBS.
  • Tanzania has been rated as number one investment destination with the highest sales growth by the UNIDO’s Report of Foreign Investor Perception Survey, November 2003.

Laws & Regulations

Laws and Regulations Governing Investments in Tanzania

Constitution of the United Republic of Tanzania

The Constitution of the United Republic of Tanzania, 1977 is the mother of all laws of the country. It has set up an independent judiciary, among other organs of the State and does recognize the sacred right of individuals to acquire and own property. Legislations passed since 1990 to improve the investment climate in Tanzania include:

Tanzania Investment Act, 1997 (No. 26 of 1997):
This is an act to guide investment activities in Tanzania, to provide for more favourable conditions for investors. It provides definitions for inter alia local investor, foreign investor and local capital. This Act does not, in terms of Article 2, apply to: –

  • Investments in mining and oil exploration currently covered under the Petroleum (Exploration and Production) Act, 1980, and the Mining Act 1998;
  • Investments in Zanzibar, which are administered under a separate legislation applicable in Zanzibar only;
  • Investments below US$ 300,000 and US$ 100,000 for foreign investors (wholly owned or joint venture) and local investors respectively.

Financial Laws (Miscellaneous Amendments) Act, 1997 (Act No. 27 of 1997):

Aimed at amending certain financial laws, in order to address areas in affected legislations that had potential conflict with some provisions in the Tanzania Investment Act of 1997. The legislations which were affected by this Act are some sections of the Income Tax Act, 1973, Customs Tariff Act 1976, Sales Tax Act, 1976 (since repealed) and the Immigration Act, 1995.

Capital Markets and Securities Act, 1994 (No. 5 of 1994):
This Act provides for the establishment of a Capital Markets and Securities Authority (CMSA) for the purpose of promoting and facilitating the development of capital markets and securities in Tanzania.

Mining Act, 1998 (No. 5 of 1998):
Provides for minerals mining, trading and any other relevant matters.

Banking and Financial Institutions Act 1991 (No. 12 of 1991):
An Act intended to harmonise the operations of all financial institutions in Tanzania, to foster sound banking activities, to regulate credit operations, and to provide for other matters related to these purposes.

BOT Act 2006:
The Act expressly specifies functions and objectives of the regulation and supervision of banks and financial institutions in Tanzania.

The Land Act, 1999 (No. 4 of 1999):
The Act expressly specifies functions and objectives of the regulation and supervision of banks and financial institutions in Tanzania.

The Village Land Act, 1999 (No. 5 of 1999):
Provides for the management and administration of land in villages, and for related matters.

Value Added Tax Act, 1997 (No. 24 of 1997):
Provides for the imposition of tax to be known as Value Added Tax on supplies of goods and services and for related matters.

Immigration Act, 1995 (No. 7 of 1995):
Aimed to provide for the enactment of one law for control of immigration in the United Republic of Tanzania and for matters incidental to or connected with immigration.

Foreign Exchange Act, 1992 (No. 1 of 1992):
Act to provide for the administration and management of dealings and other acts in relation to gold, foreign currency, securities, payments, debts, imports, exports, transfer or settlement of property.

Customs Tariff (Amendment) Act (No. 1 of 1976):
Provides for the imposition of duties on goods imported into Tanzania.

Business Licensing Act (No. 25 of 1972):
Provide for licensing of business operations. No firm or business entity can enter into business activities before getting a business license.

Employment Ordinance Act: Cap 366:
Ordinance intended to amend and consolidate laws relating to labour, and to regulate conditions of employment and employees.

Severance Allowance Act: Cap 487 (No. 57 of 1962):
This was enacted in 1962 to guide the payment to all employees on the termination of their employment in certain circumstances.

Security of Employment Act: Cap 574, No. 62:
It provides for the establishment of workers? Committees in certain businesses, restricts the power employers to summarily dismiss employees or matters related to the discipline of employees etc.

Workmen’s Compensation Ordinance: Cap 263:
An ordinance to provide for compensation to workmen for injuries suffered in the course of their employment.

Other laws and regulations
Other laws and regulations include: –

  • Zanzibar – Investment Promotion Act, 1986 (Act No.3 of 1986)
  • Income Tax Act No. 33 of 22 November 1973
  • Petroleum (Exploration and Production) Act, 1980 (Act No.27 of 1980)
  • National Environment Act, 1983 (Act No.19 of 1983)
  • Patent Act, 1987 (Act No.1 of 1987)
  • Trade and Services Marks Act, 1987 (Act No.2 of 1987)
  • Companies Ordinance, Cap.212 (Under review)
  • Business Names (Registration) Ordinance, Cap. 213
  • Public Corporations Act, 1992 (Act No.2 of 1992)
  • Arbitration Ordinance, Cap. 15 Law of Contract Ordinance, Cap 433
  • Business Activities Registration Act (2005)
  • Export Processing Zones Act, 2002 and Amendments (2006)
  • Special Economic Zones Act, 2006

All these legislations together with their respective amendments and subsidiary legislation can be available for details, in all major libraries in Dar es Salaam. Copies of the same are also sold at the Government Bookshop and they can also be available upon request from the Tanzania Investment Centre (TIC).

Message from the Ambassador of Tanzania

Tanzania is currently reforming its economy and restructuring its institutions. Together with these economic reforms are the necessary political reforms aimed at making the management of economic reforms effective. As a result of these reforms, a solid macro economic foundation has been laid down upon which a stable environment for the growth and expansion of the economy is taking place. For example, our current inflation rate has gone below 10% and our annual economic growth rate has already reached 7%. The aim is to have a higher growth rate in the near future with your active participation as business interests or investors. We are therefore reaching out to you with the intention to encourage you to consider Tanzania, this peaceful and stable country, as your future business partner and your safe investment destination.

A new investment climate has been established. A new law providing for the protection of investment and other interests is already in force, with all the assurances and advantages an investor needs. There is on a whole a national legal regime for the protection of investors’ interests. At the international level, Tanzania has made its commitments relating to the protection of foreign investors.

Karibuni Tanzania!

 (H.E. Dr. Ramadhani K. Dau)

NEWS

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