Tanzania Gov't Outlines Key Investment Areas
The government is marketing eight areas to private investors as part of industrialization efforts in the country's endeavor to become a middle economy by the year 2025 arrive.
Areas that was announced yesterday by the Ministry of Industry, Trade and Investments Mr. Charles Mwijage are manufacturing, infrastructure development, agriculture, mining, tourism, fishing, power generation, and information and technology.
They also have the second Five Year Development Plan(FYDP) that runs from the year 2016/2017 to 2020/2021 in which has an aim of boosting industrialization that has a total investment of Sh107 trillion to be sourced from the public and private sectors.
Mr Mwijage said that the investors should feel safe and secure because of the political stability in Tanzania, transparency, crackdown on corruption and efforts to reduce bureaucracy in investment procedures.
Being a member of the East African Community or EAC, Tanzania's product can be sold in six countries while its Southern African Development Community (Sadc) memberships further increase its export market.
Standard market CEO Sanjay Rughani said business collaboration that would allow greater dialogue was a paramount importance.
"Tanzania has everything it needs for the economy to perform well" said Dr Magufuli. But he, however voiced his concern about the education system in the country vis-a-vis skills imparted to youth which he added were out of sync with reality.
Mr. Rughani also said that "The government is striving to turn the country to a middle-income economy but the challenges is that how we can change educated youth into a skilled labour."
CEO of the National Microfinance Bank(NMB), Ms Ineke Bussemaker had called for a consistent legal system that would boost the investor's confidence.
Earlier, the Tanzania Investment Center Director of Investment Promotion, Mr. John Mnali said that there was a wide market for investors in Tanzania in the form of neighboring landlocked countries.