TCCIA establishes marketing firm
TANZANIA Chamber of Commerce, Industry and Agriculture (TCCIA) has established an investment arm and marketing firm for SMEs.
The firm to be based in Mara, Hypermarket Solution, started operating with a seed capital of 150m/-, and is looking to raise its base to 500bn/- in three years.
Mara’s TCCIA Chairperson, Mr Boniface Ndego said the firm is the chamber initiative to solve marketing challenges facing the country’s SMEs but also an investing wind and currently some 250 members have bought shares.
“We are planning to invest in factories for building raw materials, meat and cassava flour processing,” Mr Ndego said.
Mr Ndego said this when representing the chamber president during a meeting to elect TCCIA Shinyanga Regional Chairperson over the weekend. Mr Jonathan Manyama won the race.
In another development, the Mara Chairperson said the Investment Act No. 10 of 2022 which repeals the Investment Act No. 26 of 1997 was a blessing for the chamber after reducing the minimum investment capital to 50,000 US dollars from 100,000 US dollars to local investments.
The chamber in Mara saw the number of its members increase by 14 per cent from 700 to 800 in less than six months after the amendment of the Investment Law.
The newly elected TCCIA Shinyanga Chairperson Mr Manyama said repealing of the Act assisted to unlock the areas with no economic vibrancy in the region, like Shinyanga.
“There is also an opportunity for value chain addition in the agriculture and mining sectors in the lake zone. This is the area the chamber should seize to connect both small and medium investors in the area,” Mr Manyama said.
TCCIA proposes an introduction of a university in either of the district in Shinyanga to boost money circulation in the region.
The chamber also has a listed firm on the Dar es Salaam Stock Exchange (DSE).
TCCIA Investment Company Limited [TICL], was established by shareholders to expand financing sources to participate meaningfully in the ownership and control of the Tanzanian economy.
