Tanzania has outperformed and replaced Kenya as the
favourite investment destination for corporate entities in the East
Africa community.
Speaking to journalists in Dar es Salaam yesterday on Rand Merchant Bank’s (RMB) 2013 Global Investment Banking 2013 report the Executive Director of Tanzania Investment Centre (TIC), Juliet Kairuki, said Tanzania, has also retained its position in the list of top 10 destinations in Africa.
“This is a very big achievement for our country under the leadership of President Jakaya Kikwete,” Kairuki said, adding that Tanzania has been ranked ninth in Africa while Kenya held 10th position and South Africa is leading in the continent.
She said Tanzania and Kenya are the only other East African countries to be included in the list of top ten destinations for corporate investment in Africa and that they are the most attractive for private capital investment in general and in particular, corporate organisations.
According to the TIC boss, Rwanda, though excluded from the list of top 10, has improved its attractiveness and is ranked 12th while Uganda is positioned number 16th and Burundi number 41th.
“The investment attractiveness scores are determined by a multiplicative combination of market size (GDP), economic growth forecasts over the next five years and an operating environment index,” she explained.
Kairuki said the report by itself can prove beyond doubt that Tanzania was really committed to improve her investment environment.
“Seven of the world's top ten fastest growing economies over the next six years will emerge from Africa, Tanzania is listed as one of them,” she said, quoting the report as saying that Guinea, Mozambique, Zambia, Ivory Coast, Rwanda, and Nigeria were also earmarked.
Since 2002 Africa has grown in economic size by treblefold and is expected to rise by 5.8 per cent in 2013 bolstered by the continent’s emerging middle class who are contributing towards consumption and private investment especially in the services sector.
“Tanzania's estimates of recoverable natural gas reserves of 28ctf are valued at approximately US$150bn- six times larger than the our prevailing market size,” reads the report, adding that of the nine confirmed gas fields four are on shore and nine off shore.
The report further notes that the country’s investment into extractive and export infrastructure should support total productivity gains in the interim but a boost to the current account will only be apparent by 2020.
“Tanzania receives an average rating for its operational environment on the "Composite Operating Environment Index". Other countries with an average score include Kenya, Ethiopia, Uganda, Zambia,” the report says.
Speaking to journalists in Dar es Salaam yesterday on Rand Merchant Bank’s (RMB) 2013 Global Investment Banking 2013 report the Executive Director of Tanzania Investment Centre (TIC), Juliet Kairuki, said Tanzania, has also retained its position in the list of top 10 destinations in Africa.
“This is a very big achievement for our country under the leadership of President Jakaya Kikwete,” Kairuki said, adding that Tanzania has been ranked ninth in Africa while Kenya held 10th position and South Africa is leading in the continent.
She said Tanzania and Kenya are the only other East African countries to be included in the list of top ten destinations for corporate investment in Africa and that they are the most attractive for private capital investment in general and in particular, corporate organisations.
According to the TIC boss, Rwanda, though excluded from the list of top 10, has improved its attractiveness and is ranked 12th while Uganda is positioned number 16th and Burundi number 41th.
“The investment attractiveness scores are determined by a multiplicative combination of market size (GDP), economic growth forecasts over the next five years and an operating environment index,” she explained.
Kairuki said the report by itself can prove beyond doubt that Tanzania was really committed to improve her investment environment.
“Seven of the world's top ten fastest growing economies over the next six years will emerge from Africa, Tanzania is listed as one of them,” she said, quoting the report as saying that Guinea, Mozambique, Zambia, Ivory Coast, Rwanda, and Nigeria were also earmarked.
Since 2002 Africa has grown in economic size by treblefold and is expected to rise by 5.8 per cent in 2013 bolstered by the continent’s emerging middle class who are contributing towards consumption and private investment especially in the services sector.
“Tanzania's estimates of recoverable natural gas reserves of 28ctf are valued at approximately US$150bn- six times larger than the our prevailing market size,” reads the report, adding that of the nine confirmed gas fields four are on shore and nine off shore.
The report further notes that the country’s investment into extractive and export infrastructure should support total productivity gains in the interim but a boost to the current account will only be apparent by 2020.
“Tanzania receives an average rating for its operational environment on the "Composite Operating Environment Index". Other countries with an average score include Kenya, Ethiopia, Uganda, Zambia,” the report says.
SOURCE:
THE GUARDIAN
