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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