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Monday, 9 April 2018

TIC READY TO FACILITATE COMPANIES WISHING TO INVEST IN PRODUCTION OF MEDICINE AND MEDICAL EQUIPMENT

The Executive Director of Tanzania Investment Centre (TIC) Mr. Geofffey Mwambe was among the presenters during the meeting of pharmaceutical industry stakeholders from within and outside Tanzania who gathered to discuss strategies to accelerate investments in this sector. The meeting was held on 4 th April, 2018 at Julius Nyerere International Convention Centre (JNICC).

During the meeting the Minister for Health, Community, Development, Gender, Elderly and Children Hon. Ummy Mwalimu (MP) said that, investors should strategically invest in pharmaceutical industry considering the fact that the Government spends huge sums of funds to import medicine and medical equipments. It was reported that about 94% of the medicine and medical equipments used in the country are imported hence depleting limited foreign exchange reserves.

It was noted during the meeting that long lead times are another issue where procured medicine and medical equipments get delivered after up to nine months. High storage cost poses a challenge as the order is placed in bulk to cater for massive demand. Hon. Mwalimu further said challenges in the economy said that investing in local pharmaceutical industry is crucial in order to address the said challenges in the economy.

The Minister for Industry, Trade and Investment, Hon. Charles Mwijage (MP) in his remarks said that the Government is focused on industrialization. Therefore, potential investors should consider such opportunities that are available in pharmaceutical industry. He said that the Government is working on regulatory reforms to remove unnecessary obstacles to investors. He further informed the audience that the Government is determined to ensure that at least 50% of essential medicine and medical equipments used in the country are produced locally by 2025.

In his presentation the Executive Director of Tanzania Investment Centre (TIC) Mr. Geoffrey Mwambe outlined support mechanism put in place by the Government to facilitate investors through TIC. He informed participants that investor wishing to invest in the country will be facilitated through TIC One Stop Facilitation Centre whereby investors are assisted to obtain various permits, licenses and approvals through one window. The services provided are company incorporation, tax payer identification number, industrial license, land derivative rights, work permits, residence permits, environment certificate and standard certificate.

Moreover, he said that projects registered under TIC enjoy fiscal as well as non fiscal incentives providing a soft landing for investors. He finally invited thirty eight (38) companies which expressed interest to invest in pharmaceutical industry to visit TIC for further guidance to enable them invest in the country.

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