19 laws set for amendment to improve business environment

IN efforts to boost and improve the business environment in the country, the Ministry of Investment, Industry and Trade submitted proposals for the amendment of 19 laws.

Among them, 12 laws are aimed at reducing interference in regulatory institutions adopted by the Parliament and came into force from July 1, 2022, when resulted in the revision of 39 fees and charges.

Presenting budget estimates for the Ministry of Investment, Industry and Trade, the Minister responsible for the docket, Dr Ashatu Kijaji said that the ministry has continued to encourage and attract investment in the country by organising investment conferences in collaboration with various stakeholders.

She said that in a period from July, 2022 to March, 2023, the ministry organised and participated in ten conferences, and signed six Memorandums of Understanding (MoUs) between Tanzania and various companies from the European Union worth one billion Euros. The documents covered the shipping and transportation, energy and finance sectors.

“The Ministry has continued to manage implementation of the Memorandums of Understanding signed during various visits by President Dr Samia Suluhu Hassan to France, Belgium, Egypt, the United Arab Emirates (UAE), the United States and Oman. During these visits, the President prioritised the issue of attracting foreign investment by announcing investment opportunities available in the country and explaining efforts taken by the Sixth Phase Government to create an enabling environment for business and investment in the country,” she said.

The minister further said that in the period from July, 2022 to March, 2023, 44 out of 50 Memorandums of Understanding were in various stages of implementation, while six are being monitored.

In the period from July 2022 to March, 2023, the minister said funds and programme for the economic empowerment of citizens have provided loans worth 713.8bn/- to 2,203,838 entrepreneurs, of whom 1,234,149 are women (56 per cent) and 969,689 men estimated as 44 per cent.

She said analysis of loans show a total of 3,122,104 jobs were created, where among them 1,623,494 (52 per cent) went to women and 1,498,610 estimated as 48 per cent went to men.

“The loans have been granted in various economic sectors, including agriculture, livestock and fishing sectors (31.07 per cent), followed by industrial and commercial sector (20.39 per cent),” she said.

The minister further said that her ministry has carried out an audit of the assets of citizens who will pave way for the Mchuchuma Coal Project from October – December, 2022, saying the exercise was carried out in the townships of Nkomang’ombe, Idusi, Kilomos, Ntiule and Mhambalasi.

She said that in April, 2023, the ministry received 15.4bn/- to pay compensation to citizens who paved the way for Liganga and Mchuchuma projects. The compensation exercise is expected to be completed by May, 2023.

In the year 2023/2024, the Ministry of Investment, Industry and Trade requested the Parliament to endorse its 119,017,998,000/-, budget for recurrent expenditure, salaries, development and other charges.

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