Reasons Why You Should Set Up Business in Tanzania
Tanzania is formerly known as Tanganyika. Tanzania is the largest of the East African countries and sadly one of the poorest countries in the world. The economy is generally fuelled by agriculture, which accounts for more than one-quarter of the country’s gross domestic product. However, the most popular things to do and the reason many people visit Tanzania, are the safaris and wildlife-related adventures. The Tanzania culture is Swahili, an Arab/African mix, but there are also big Asian populations, particularly Indian and largely homogeneous society that is extremely rich in age-old cultures and traditions. The local community is known for its friendly and polite attitude towards visitors, and there is a strong sense of national pride that reverberates throughout the country.
Interestingly, there are over 120 ethnic groups living in Tanzania and various religious beliefs and this country have plenty of uncultivated arable land for agricultural investment. How to set up a business in Tanzania? The overall economic outlook in Tanzania is positive, risks for which are mostly under governmental control. With the private sector contributing to the country’s further development, this will aid the government’s ambitious plans for investment, and it will be a source of both finance and innovation, resulting in the creation of jobs for locals who are entering the job market. Tanzania’s human resources are very competent where it has been aligned with investments in infrastructure, rural farmers to markets, and people to services. Ideally, the fruits of this growth would then be shared across the rural populations within the country.
Here’s our analysis of what makes Tanzania the best bet to set up your business.
1. Rich Natural Resources
Boast with the presence of precious minerals resources and stones in Tanzania e.g. Tanzanite, gold, tin and diamond. This country is also known for its food processing, brewing, textiles and mining industries. Thus, the labour market in Tanzania is readily available with skilled and semi-skilled workers who are ready and available to work in various industries.
2. Nature Attraction
Tourism is another major sector contributing to Tanzania’s economy, with attractions like Mount Kilimanjaro which is Africa’s highest peak along with several national parks and forest reserves. These provide various business opportunities in Tanzania.
3. Business Opportunities
Many opportunities exist in Tanzania that inspires new investments and motivates new and upcoming entrepreneurs. Tanzania being amongst the developing countries and the market is full of chances for investments ranging from agribusiness, tourism, manufacturing to importation.
4. Peace and political stability
Tanzania is a very peaceful country with no history of civil wars, ethnic conflicts or internal uprising. This political stability is important as it supplies protection to investors and it also offers a very conducive environment for businesses to operate and prosper in the future.
5. Investment Incentives & Guarantees
The Tanzanian government provides a variety of investment incentives either to local or foreign investors through the Tanzania Investment Centre. There are a total of 23 Bilateral Investment Treaties have signed with different countries.
6. Strategic Geographic Location and Access to Markets
Tanzania is the gateway to six Land-locked Countries which are Uganda, Rwanda, Burundi, DR Congo, Zambia and Malawi. Besides, it also has 3 Major Ports (Dar es Salaam, Tanga & Mtwara). Tanzania is a member of EAC, SADC and IOR-ARC. Thus, Tanzania can bring numerous benefits in trade and investment prospects.
If you’re looking for a business opportunity, why not give Tanzania a shot? With its abundance of resources and natural beauty, these make for a plethora of business opportunities for budding entrepreneurs and businessmen.
