Investing in Tanzania
Tanzania is a country located in Eastern Africa bordering the Indian Ocean. It shares borders with Kenya and Uganda to the north, Rwanda, DRC and Burundi to the west, Malawi, Zambia and Mozambique to the south and Comoro Islands to the east. It gained independence from the United Kingdom and became the United Republic of Tanzania on 29 October, 1964 following the amalgamation of Tanganyika and Zanzibar. It is a Presidential Republic with the President sitting as the Head of State and government. Its administrative capital is Dar es Salaam and Legislative capital Dodoma.
It has an administrative structure divided into 31 regions. It runs a unicameral legislative system, and its legal system is based on English common law. Swahili and English are the official languages as English is regarded as the language of commerce. The country’s geography is strategically located. Tanzania’s shoreline with the Indian Ocean gives it trade links to Asia, the country sits in between the ocean and 6 landlocked countries (Uganda, DRC, Rwanda, Burundi, Zambia and Malawi) that rely on Tanzania for the passage of goods. It has 3 deep water ports (Dar es Salaam, Tanga and Mtwara) that are servicing the neighbouring countries.
Furthermore, its membership to the SADC Free Trade Area and EAC Common Market, with developed rail and road networks, makes Tanzania a natural transportation gateway for East and Central Africa.
Tanzania has an estimated population of 62.09 million comprising mostly of younger population (less than 25 years) which makes up about 63.1% of the population, those in the age bracket of 25-64 years makes up of about 33.8% of the population and above 65 years age group makes up of about 3.1% of the population. Average population density is estimated at 67 inhabitants/km2. In terms of human development indicators, it has a life expectancy of 71.7 years (Women) and 68.1 years (Men). It achieved universal primary education with a 98.8% Primary enrolment rate in 2019 and overall literacy level of 77.9% as at 2015.
Broad Economic Overview: Tanzania has vast mineral resources (gold, copper, diamond, iron, natural gas, uranium, tin, gemstone, nickel, coal, phosphate etc) and the economy depends on agriculture accounting for about 25% of GDP and employs 65% of the country’s active population. Tanzania has one of the widest crop varieties in Africa. Tourism is another important component of the country’s economic sector contributed about 10% of GDP in 2018 as Tanzania has one of the richest and most diverse wildlife in Africa.
Huge offshore gas reserves which were discovered in 2010 could turn the country into one of the main LNG producers in sub-Saharan Africa. It managed to achieve a modest 5-year compound annual GDP growth of 6.6%. Its currency is the Tanzanian Shilling. Main exports include coffee, cashew nut, gold, cotton etc. Major imports include machinery and transport equipment, consumer goods, industrial raw material, crude oil etc.
Tanzania is endowed with a variety of natural resources including a 1,424 kilometre coastline, enormous arable land, world class tourist attractions, minerals, oil and gas which offers tremendous investment opportunities. Available arable land and conducive weather provide opportunities in agro-production and agro-processing, livestock farming as well as processing of livestock products including meat, milk and leather.
Tanzania is rich in minerals as well as precious gemstones offering mining opportunities. Minerals found in Tanzania include gold, iron, silver, copper, platinum, nickel limestone, soda ash, gypsum, salt, phosphate and tin. Gemstones that can be found in Tanzania include sapphires, rubies, emeralds, spinel, tanzanite, alexandrite, tourmaline, zircon, aquamarines, tsavorite, spessartite, rhodolite and demantoid garnets. Tanzania has emerged as one of the most important gemstone producing countries in the region. Discovery of huge offshore gas reserves will help Tanzania to achieve economic diversification and enhance macroeconomic stability. Other sectors with investment potential include manufacturing, tourism, real estate, telecommunication, broadcasting, energy, finance etc.
Invest Tanzania – Recommended Contacts in Tanzania
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