Tanzania is more reliant on foreign direct investment than many other regional countries, given the size of its economy. Neighbouring Kenya - with a $61 billion economy - received slightly less than Tanzania, while South Africa - with a $313 billion economy - received $1.7 billion. A strict new tax regime tops the list of companies' complaints; Magufuli's government imposed tax hikes this year on mobile money transfers, banking, tourism services and cargo transit services. Major foreign firms active in Tanzania include energy firms Statoil, Royal Dutch Shell, Exxon Mobil and Ophir Energy ; engineering firms Ferrostaal Industrial Projects and Haldor Topsoe; telecoms companies Millicom, Airtel, and Vodacom ; mining firms Anglo Gold Ashanti and Acacia Mining and shipping firms such as Maersk. But executives say Magufuli's government risks undermining its economic plans by turning away vital investment and jobs from the poor nation.

Source: The Star November 29, 2016 10:50 UTC