TIC: investment in cashew nut industry

The Tanzania Investment Centre (TIC) has urged local and international investors to take advantage of services offered by the agency and invest in the country’s cashew nut production.

The TIC Executive Director, Ms Juliet Kairuki, (pictured) said that during the cashew nut stakeholders’ meeting held in Dar es Salaam.

“We encourage people to invest in this sub-sector which is crucial for the country’s development...we are ready to help them,” she said.

She noted that TIC has a lot of incentives for those who want to venture in agriculture sector and specifically cashew nut especially tax exemption for those importing capital goods.

She said Tanzania still needs investors in cashew farming, processing and utilising local and foreign markets.

“A lot needs to be done in this sectorÉ I urge investors to utilize our agency for their benefit and that of the government,” she said. 

She said that Tanzania’s legal system was the best one in the region that facilitates prospective investors to benefit once they invest in various areas including agriculture in the country.

She noted that there is every reason for investors to consider cashew nut sub sector because it is the third cash crop that earns the government foreign exchange.

“There are also enough financial organs that help those who want to invest in agriculture sector projects,” she said. 

Ms Kairuki said the Dar es Salaam Stock Exchange (DSE) continues to grow and that the development is a plus toward making sure that the country’s business environment improves.

However, she cautioned business community and investors to make sure that they adhere to the government’s laws and regulations to prosper.

A Principal Economist, Marketing Department, Ministry of Industries and Trade, Ms Aneth Mathania, said Tanzania has her own barcode; a step she said is advantageous for business community operating in the country.

“Tanzania has made sure that all those investing in the whole cashew nut production chain benefits,” she said. Explaining further, she said Small Industries Development Organisation (SIDO) has quality cashew nut packaging materials.

The meeting brought together various stakeholders including private sector, financial organisations, government and nongovernmental officials, and farmers among others to discuss about the sub-sector development.
Source: Daily News, reported from Dar es Salaam, Tanzania
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