Japan’s State Minister for Foreign Affairs, Mr. Kiyoto Tsuiji, has praised Tanzania as a promising land for investment growth, emphasizing the importance of strengthened bilateral cooperation between the two nations. Over the past four decades, Japanese investments in Tanzania have reached a total value of USD 42.70 million (approximately 111 billion TZS), impacting key economic sectors such as manufacturing, commercial building, and agriculture.
During a meeting with the Tanzania Investment Centre’s (TIC) Executive Director, Mr. Gilead Teri, held at the Japanese Embassy in Dar es Salaam on Wednesday, Mr. Tsuiji expressed Japan’s appreciation for Tanzania’s conducive investment climate. He highlighted TIC’s role in facilitating investments and consolidating the collaboration between the two countries.
Mr. Tsuiji also commended the Tanzanian government under President Dr. Samia Suluhu Hassan for its efforts in creating an enabling environment for investment. He noted that the administration's economic diplomacy has significantly enhanced mutual opportunities for both countries.
Mr. Teri identified technology, agriculture, transportation, and capacity building as critical areas where Tanzania and Japan can continue to collaborate to elevate their economies. He praised President Hassan for her proactive policy reforms aimed at unlocking investment opportunities and fostering a favorable investment climate in Tanzania.
The New Investment Act of 2022, according to Mr. Teri, has been instrumental in attracting investors worldwide, including those from Japan, thereby strengthening economic ties between the two nations.
TIC is planning an investment promotion mission to Japan as part of its efforts to showcase Tanzania’s investment sectors and incentives. This mission aims to highlight the potential for increased Japanese investment in Tanzania.
Mr. Teri detailed Japan’s direct investments in Tanzania, noting that over the past four decades, Japan has invested in 24 projects worth USD 42.70 million. These projects span manufacturing, commercial building, agriculture, tourism, and transport sectors and have created over 1,100 jobs while significantly boosting tax revenues.
“The projects underscore the potential of foreign investment to drive local development and prosperity,” Mr. Teri said.
This growing bilateral cooperation reflects a shared commitment to fostering economic growth and development, positioning Tanzania as a key destination for Japanese investment in the region.