Tanzania starts process to overhaul outdated investment laws

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FDIs

Tanzanian authorities said on Thursday they have started a process aimed at overhauling outdated investment laws in a bid to improve the investment atmosphere.

Geoffrey Mwambe, the Minister of State in the Prime Minister’s Office responsible for investment, said the government is preparing a draft bill to replace the Tanzania Investment Act 1997 which is considered outdated for the current situation.

Presenting a report on Tanzania’s investment status in the commercial capital Dar es Salaam, Mwambe said the outdated laws on investment have created a number of challenges and gaps that have fouled the investment environment.

“Enacting a new investment law will help tackle the challenges and gaps as well as solve a mismatch with other laws that govern the environment portfolio,” said the minister.

Mwambe added the government has also been undertaking national investment promotion policy reforms aimed at attracting more investments and promote exports. Enditem

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