Turkish investors hail ease of doing business in Tanzania

Speaking on behalf of his fellow countrymen and investors, Turkish ambassador to Tanzania Mr Ali Davutoglu has praised Tanzania for offering a conducive business environment for local businesses and foreign direct investments. The ease of carrying out business projects in the East African nation has seen the economy grow and continue to attract more investors.

The ambassador hailed the labour put in by the government under the leadership of President John Magufuli – to straighten crooked ways in business for a successful economy. He highlighted tax payment as an area the government and immediate authorities have looked into to ensure there’s no misconduct in adhering to responsibilities.

Despite tax payment being a challenge to some businesses, businesses have been urged to file their tax reports and comply with the law to avoid any form of chastisement. The revenue collected has sustained the economy and seen massive progress take place in terms of funding development projects and other governmental duties. The tough leadership has elated the status of the country.

Early new year, Turkish investors had been drawn by the promising and growing markets of Ethiopia, that shook the dominance of Rwanda as a preferred investment hub in East Africa. It seems however that other Turks have been contented with Tanzania’s business climate and the ambassador is hopeful more Turkish investors will find their way into Tanzania.

Tanzania and Turkey have strengthened their trading relationships through exports and imports. The latter increased its import receipts in 2017 as compared to 2016 from Turkey. This has been another factor that has drawn the interest of Turkish investors into the country, identifying gaps and business opportunities more so in agribusiness related sectors.

Turkish Airlines has been one of the investments in Tanzania that has borne fruits in its operations and hopes to continue to service a bigger mass of customers in future.

 

-Source: African Strategic-Ventures (ASV) & The Exchange.