Africa-Press – Tanzania. KAGERA Regional Commissioner, Ms Fatma Mwasa has welcomed local and international investors to take advantage of the abundant opportunities available in the region, citing its favourable investment climate across multiple sectors.
She assured potential investors that Kagera is well prepared for investment, highlighting the availability of fertile land, security, absence of bureaucratic hurdles and a reliable workforce.
The improved investment climate follows the enactment of the new Investment Act, 2022, by the sixth phase government under the leadership of President Samia Suluhu Hassan.
The new law slashed the minimum capital requirement for local investors to 125m/-, which is ten times lower than the 1.25bn/- required for foreign investors
Before the new legislation, domestic investors were required to have a minimum capital of 100,000 US dollars (over 248m/-).
“Investors are invited to tap into the burgeoning economic opportunities. We value the strong partnership between the government and the private sector, which facilitates investment. Kagera has abundant and secure investment opportunities including the Burigi-Chato National Park,” Ms Mwassa said.
She highlighted that Kagera Region is set to host the University of Dar es Salaam Business School (UDBS) campus, thanks to 13.1bn/- World Bank funding. The campus is located on a sprawling 315-hectare site about 15 kilometres from Bukoba town.
“The new UDSM campus stands as a beacon of hope and prosperity for the people of Kagera and will intensify sustainable development,” she said.
Kagera Region is undergoing a remarkable transformation as businesspeople rush to secure investment opportunities near the University of Dar es Salaam Business School (UDBS) campus, currently under construction.
This ground breaking development has sparked a wave of interest from investors both within and beyond Kagera, all eager to tap into the burgeoning economic opportunities.
She noted that the project’s successful implementation showcases the country’s determination to drive its own development agenda.
The DC said that the World Bank-supported Tanzania Cities Transformation Infrastructure and Competitiveness (TACTIC) programme is a milestone that will transform the regional economy.
The TACTIC project, with a budget of 410 million US dollars, aims to modernise 45 municipalities and cities across Tanzania. Bukoba Municipality was recently included in the project during a site-handover ceremony to contractors.
Approximately 40.2bn/- has been allocated for Bukoba’s development, covering the construction of a modern market complex, a new bus terminal at Kyakailabwa, conservation of 7.2 kilometres of River Kanoni, upgrading of 10.7 km of roads and installation of 426 solar-powered streetlights.
She called on investors to take advantage of new opportunities, such as investing in high-end hotels and conference facilities.
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