Happiest countries for living in the World in 2025, no.5 will surprise you

By Lake Zone Watch writer

The Tanzania National Business Council (TNBC) will establish an International Financial Services Centre (IFSC) to attract capital and foreign investment flowss, it has been revealed.

The envisaged centre will facilitate attraction of large capital investments in major local and international projects to bolster Tanzania’s economy, TNBC Executive Secretary, Dr Goodwill Mwanga said at the weekend in Mwanza.

Beneficiaries of the centre will include financial institutions such as banks capital markets, shipping service providers and others in the investment value chain, Dr Wanga said.

Central bank Deputy Governor, Sauda Msemo,said  the centre’s presence in Tanzania would help government achieve its goal of earning a one-trillion-dollar income come year 2050.

“If this centre will have enough capital, it will attract domestic as well as foreign investors to facilitate the operation of major projects in the country’,” she said.

She said huge capital investment would help Tanzania to export products to lessen foreign exchange shortfalls and lead to the acquisition of imports in terms of goods and services.

On his part, David Kafulila, the CEO of the Public and Private Sector Partnership Centre, said the centre would attract many investors whose capital would be in safe government hands.

“To build an economy of more than one-trillion-dollars, that ambition cannot be  met by loans and taxes alone,” Kafulila said, adding, “various factors require improvement such as regulation, policies and laws as well as the use of modern technology.”

Kafulila said globally, only 19countries the level of accumulating huge capital as Tanzania tries to set its goals right.

He opined that it was the responsibility of every government ministry to focus on using PPP for the implementation of successful projects.

Tanzania Chamber of Commerce, Industries and Agriculture president, Vincent Minja, said establishment of an international financial services centre was a timely move supported by stakeholders in his organisation.

“I’m confident that decision-makers will approve this –plan for implementation,” he said.