Tanzania does not intend to confiscate or nationalize foreign investments: FM

DAR ES SALAAM, March 29 (Xinhua) -- Tanzanian Minister for Foreign Affairs and East African Cooperation Palamagamba Kabudi said on Friday the country is not thinking of confiscating nor nationalizing foreign investments.

Kabudi made the assurance during talks with Lynda Chalker, founder and president of Africa Matters Limited, according to a statement issued by the ministry's information and communication unit.

Africa Matters Limited works with multinational corporations, small and medium-sized enterprises, governments, local partners and non-governmental organizations to ensure that private sector investment plays a critical role in driving African development, the statement said.

During the talks, Kabudi said the country's recent overhaul of its mining laws and policies is not intended to confiscate or nationalize foreign investments.

"Recent amendments of laws in the mining, natural resources and investment were aimed at improving the investment environment which will create a win-win situation between the nation and the investors," he told Chalker, who once served as Britain's minister of state for overseas development and Africa.

"The nationalization and confiscation of foreign investments agenda is being engineered by people who do not want to see a thriving Tanzania," Kabudi said at the meeting in the commercial capital, Dar es Salaam.

He said the reforms being undertaken under the leadership of President John Magufuli are intended to do away with corruption and bureaucracy.

The minister urged Chalker to mobilize British investors to visit Tanzania and explore vast investment opportunities available in the country.

For her part, Chalker praised president Magufuli for improving the business environment in the country, the foreign ministry statement said.

She promised to meet relevant British authorities and the Commonwealth to arrange an international conference that will focus on investment opportunities in Tanzania.