Tanzania woos investors with online investment tool
Tanzania’s government has introduced an online tool to help investors and entrepreneurs have an easy access to information on investment procedures, and investment opportunities in the country. This is seen as a step forward in wooing foreign investors into the country.
The system, known as e-Regulations, will provide investors with the necessary business information including, how to register a company, pay taxes and obtain a visa or certificate of incentives.
Currently being implemented by the Tanzania Investment Centre (TIC) with the technical assistance of the United Nations Conference of Trade Development (UNCTAD), will in essence provide the investment procedures and information on opportunities.
It will also enable investors to compare procedures among eRegulations systems of other user countries in Africa, therefore allowing the foreign investors make an informed decision when investing.
"When the procedures and steps involved are known to people you should expect more people to start businesses and increased compliance in paying taxes," said Kjartan Sorensen, UNCTAD business facilitation manager in charge of e-Regulations in Africa.
UNACTAD says that e-Regulations can contribute to greater transparency and efficiency in public service, improved governance and cost reduction.
UNCTAD conceived the web-based eGovernment system to help developing countries and countries in transition work towards business facilitation through transparency, simplification and automation of rules and procedures relating to enterprise creation and operation.
A recent report by Ernst and Young dubbed 'Africa Attractiveness survey' indicated that the continent is becoming more attractive than ever before to international investors.
Analysis from 500 international business leaders polled from a diverse range of industries agreed that Africa is the region with the fastest economic growth rates and the highest return on investment (ROI).
Projected capital inflows are expected to hit the $150 billion mark by 2015, and Tanzania may be bracing itself towards getting a fair share of this foreign investment through the new system.