Tanzania is making strides to attract more foreign investments by proposing important legal changes aimed at helping Tanzanians living abroad start businesses back home.
The proposed Miscellaneous Amendments Bill 2024 would give special status to Tanzanians abroad, allowing them to invest in key sectors like agriculture, manufacturing, and services. Currently, only Tanzanian citizens can own land and property, but the amendments to the Immigration Act and Land Act aim to change that by giving diaspora Tanzanians access to land titles.
During her recent visit to South Korea, President Samia Suluhu Hassan emphasized her government’s commitment to making things easier for Tanzanians abroad. This includes simplifying visa processes, ensuring inheritance rights, and making it easier to send money back home for investments in technology and expertise needed for economic growth.
President Samia noted the significant contributions already made by Tanzanians abroad, citing investments of approximately Tsh280 billion ($106 million) in housing and Tsh6.45 billion ($2.4 million) in UTT Asset Management and Investors Services by 2023.
To support these efforts, the Tanzania Investment Centre (TIC) and Ministry of Foreign Affairs have set up a diaspora database to help Tanzanians abroad register their businesses and find investment opportunities.
Despite Tanzania’s potential for agriculture, with 44 million hectares of land suitable for farming, only a fraction is currently used for crops. Investing in agriculture, especially livestock, is seen as crucial for boosting productivity and economic growth. Tanzania has over 38 million cattle and vast pastoral land, but challenges like limited infrastructure and traditional farming methods hold back its full potential.
These proposed legal changes aim to improve Tanzania’s investment climate, encouraging economic growth through more engagement with the diaspora and strategic investments in key sectors.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
15th July, 2024
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