Embassy of Tanzania
BRUSSELS
72 Avenue Franklin Roosevelt
1050 Brussels - Belgium
Tel: +32 2640 6500
Fax: +32 2646 8026
info@tanzaniaembassy.be
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Economy

The main sectors of the economy cover: Agriculture, Mining, Tourism, Manufacturing, Utilities (water, electricity), Construction, Trade, Transport and Communication, Financial and Business Services, Public Administration, Economic and Social Services: Education, Health and Other activities.

The Government has been implementing far reaching pro-market economic reforms geared towards poverty eradication through higher rates of economic growth coupled with social equality. Measures are continuously been implemete to improve both the business climate and economic and social infrastructure so as to ensure that the country remains Africa's leading investment and business destination. Allocation of resources in the annual budget reflects the sector priorities. Legislation has been promulgated for promotion and protection of private property and investments; additionally the Government is implementing a multi-sector program (Business Environment Strengthening for Tanzania - BEST) aimed at reducing the admistrative and regulatory burden of doing business in Tanzania and to improve government and judicial services to the private sector.

The Tanzania Investment Centre (TIC) has been established as the agency to promote and facilitate private investments on the mainland while the Zanzibar Investment Promotion Agency (ZIPA) has been established to promote and facilitate investments in Zanzibar. The Board of External Trade (BET) has been established to promote Tanzania exports and trade operations. The Tanzania Tourist Board (TTB) and the Zanzibar Commission for Tourism (ZCT) are responsible for promoting tourism. The Business Registration and Licensing Agency (BRELA) has been established to facilitate registration and licensing business while the Tanzania Revenue Authority (TRA) has been established to enhance government revenue collection.

Other useful links are the Business Registration and Licensing Agency (BRELA) and the Capital Markets and Securities Authority (CMSA).

 

Agriculture

Agriculture remains the largest contributor to the national economy, producing commodities/livestock for exports as well as food for domestic consumption and raw materials for the domestic industries. It is the largest employer of labour and sustains the majority of the population through both cash income as well as substance production. In order to improve the sector the Government is implementing with new vigour the Agriculture sector Development Program (ASDP) launched in 2006/7. Agriculture is defined to include: crop production, animal husbandry and fish farming.

Implementation of KILIMO KWANZA (meaning Transforming Agriculture) entails mordernisation of agriculture: increase crop production, improve livestock husbandry and undertaking fish farming. In crop production the aim is to: increase the acreage under cultivation by using modern farm implements such as tractors and power tillers, improving knowledge and increasing acreage under irrigation, using improved seeds and fertilizer, control of pests and investing in large scale farming. In animal husbandry the aim is to increase production of meat, milk and poultry products. In the fisheries sector the aim is to increase fish farming, improve fish yields and fish catch and at the same time improve environmental management.

KILIMO KWANZA entails mobilisation of the active participation of all Tanzanians, the Development Partners and Private sectors to enhance the agricultural economy. Detailed information and guidance is provided through printed and electronic literature.

For more information contact the Ministry of Livestock and Fisheries or the Tanzania National Business Council.

 

Mining

The United Republic of Tanzania is internationally renowned for its abundance of mineral deposits and already a prime destination of mining investment in Africa. It is Africa's third largest producer of gold after Ghana and South Africa. In terms of known deposits and potential, the country possesses substantial deposits of a wide variety of minerals including diamonds, gold base metals, gemstones and industrial minerals that include kaolin, phosphates, nickel, copper, soda ash, cobalt, tin coal etc.

Signs of oil seeps and bitumen have shown up in several areas. Significant gas discoveries have made on the coastal shores; commercial exploration for power generation began in 2004.

The country's minerals policy aim to attract, protect and facilitate the private sector in mineral exploration, mining and marketing. The mining Act (1998) guarantees investors' security of nature, repatriation of capital and profits and ensures a transparent regulatory and administrative system in the acquisition of mineral rights.

 

Tourism

The United Republic of Tanzania is a unique world class tourist destination that offers a range of exceptional attractions for relaxation, leisure as well as adventure. White sands beaches, snow capped peaks astride the equator, wildlife sanctuaries, world heritage sites, diving and snorkelling, sport fishing, walking safaris, bird watrching etc, there is something captivating for everyone. Tanzania is the bulwark of the natural world nurturing the earth's largest biodiversity of flora and fauna with the largest and most diverse wildlife concentration on earth: from humankind's closet cousins - the Chimpanzee to large mammals that include elephants, lions, zebra, giraffe, buffalo, baboons, antelopes, cheetah, leopards etc to the largest concentration of fish and amphibians: crocodiles and hippopotamus to abundant bird life boasting more than 400 species. Wildlife is protected in a wide ecosystem covering about 1/3 of the country's total area and consisting of national parks, game reserves and marine parks.
www.tanzaniaparks.com

 

Banking and Finance

The currency is the Tanzania shilling which is issued in bank note and coins and is convertible within the country. Banking and financial institutions are regulated under the Banking and Financial Institutions Act (1999), Bank of Tanzania Act (1995) and Foreign Exchange Act (1995). Regulations in place are the Banking and Financial Institutions Regulations (1997), the Management Risk Assests Regulations (2001), the Capital Adequacy Regulations (2001), the Liquid Assets Ratio Regulations (2000), the Publication of Financial Statements Regulations (2000), the Independent Auditors Regulations (2001) and the Credit Concentration and Other Exposure Limits Regulations (2001). There is a Stock Market - Dar es Salaam Stock Exchange where a number of companies are listed and trading takes place every day.

For details about the requirements for registration of a bank or financial institution and participation in the Dar es Salaam Stock Market please contact the following:
- Bank of Tanzania (BoT)
- Dar es Salaam Stock Exchange
- Ministry of Finance

 

Other Investments

Opportunities exist for investments in economic and social enterprises, utilities, infrastructure and services: large scale farms and ranches including wild life ranches; mining; power generation, manufacturing; deep sea fishing, fish processing and canning, fruit processing; railways, roads and bridges; airports, harbours, transportation: road haulage, transit trade and marine services, air services, information communication and technology (ICT); banking and finance, insurance; construction of shopping malls and conference centres, real estate for residential and commercial purposes, hotels and lodges, recreational facilities and amusement parks, sport facilities; water and sanitation services; hospitals and other medical facilities and services, educational facilities: Universities, Colleges, schools, kindergartens, etc.

The United Republic of Tanzania is the gateway to the landlocked regions and countries in the Eastern, Southern and Central Africa (Uganda, Rwanda, Burundi, Eastern DRC, Malawi and Zambia) and is a member of the Regional Economic Committees (RECs) of East African Community (EAC) and the Southern Africa Development Community (SADC) that together are deeping regional integration and harmonising the large economic space thus offering a huge market and large investment area.

Some of the contacts include:
- East African Community (EAC)
- Southern Africa Development Community (SADC)

Today the United Republic of Tanzania is one of the leading economies in Africa in terms of growth and attraction of Foreign Direct Investments.

The Embassy of the United Republic of Tanzania in Brussels extends a warm welcome, "...KARIBU..." to mutually rewarding business opportunities in the United Republic of Tanzania. For more on tax incentives visit the Tanzania Revenue Authority (TRA).