AfricaPress-Tanzania: THE government has assured existing and new investors in the country of a conducive environment including predictable policies as it embarks on reviewing its present investment laws and regulations.
Deputy Minister for Trade and Industries, Exaud Kigahe said in Dar es Salaam this week that there is a fresh approach to the handling of local and foreign investors when to enable them survive market competition.
Kigahe who was officiating a liquor product called Kiwingu spirit property of Kilimanjaro Biochem Limited of Mwanga District pointed out that the government has started revisiting laws that are said to impediments to investors.
“President SamiaSuluhu Hassan has made it clear that her administration is focused on a private sector-led economy. We at the ministry are working on strengthening and initiating new friendly approaches to enable the private sector take part in the economy actively,” Kigahe said.
KBL Chairman Mehul Patel said his company has finally introduced the product to the market after a more than 12 months research on what consumers lack from numerous liquor brands already in the market.
Patel said his company has invested 11.5bn/- on the project which uses citrus as ingredient hence providing a market to smallholder farmers in the country. “Consumers expect unique and pleasant taste, pleasing odour, elastic hangover feeling and of affordable price. Before coming up with the product, we conducted research across different age groups and concluded that none of those in the market meet their tastes,” said Patel.
He said the KBL comes in a package of 250 mililitres potable glass bottle “We are hoping that the majority if not all mixologists will appreciate the freedom of blending cocktails with the spirit to create taste of their choices. The drink is 37 percent of alcohol which is higher than most brands I the market,” he added.
KBL Managing Director, Ashish Upadhayaya said the firm will offer 250 jobs both directly and indirectly. “The company has since its inception in 2008 been taking part in various social activities by giving back to the community through corporate social responsibility arrangement.
“On average, the company has been giving back 24m/- annually through its CSR portfolio to facilitate water, education and health projects in Mwanga District,” said Upadhyaya while plans are to double the allocation to 50bn/- in the next three years. The company also targets to see growth in revenue to 15bn/- against the current 6bn/-.
