East Africa

Foreign investors on rise in Tanzania

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DAR ES SALAAM, Tanzania  – The number of foreign investors in the country has increased dramatically, following the launch of the East Africa Stock Exchange (EASE) market in September last year,. 

The market provides a wide chance for Tanzanian companies to be listed in the East Africa Stock Exchange market,” said Chief Operating Officer, of Unit Trust of Tanzania (UTT),  Simon Migangala when briefing journalists on UTT achievements in 2014.

He said the opening of the East Africa Stock Exchange market has provided broad chances for foreign investors to purchase more shares to companies owned by Tanzanians that are listed in the EASE.

According to him, previously foreign investors were restricted to buy a certain amount of shares whereas they were required to buy not more than 60% of shares to Tanzania exchange market.

He said under the current laws of the EASE investors are allowed to buy any amount of shares. They were also restricted to have shares to the government Treasury bond and bills.

He said investments are vital in any country because they contribute to the national basket which is directed to different development projects.

Simon said, “The stock exchange helps the nations to share the economy… countries within the EAC can be supported in case of crisis,” Simon said.

He said there are a lot of investment opportunities across East Africa calling upon Tanzanians to utilise them before they are taken over by foreigners.

He encouraged Tanzanians to invest in the UTT fund in the four available investment schemes that guarantee them with affordable and profitable returns.

Simon noted that up to September last year,  the UTT annual returns  for Umoja Fund recorded an increase of 74.35%, while Wekeza  Maisha Fund was 41.92%, Watoto Fund 53.98% and  Jikimu income scheme 44.64%

By Damas Makangale

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