Councils ordered to update investment data

DODOMA: BUSINESS officers across the country have been directed to intensify identification and promotion of investment opportunities, as accurate market information is critical to driving Tanzania’s economic transformation under Development Vision 2050.

Deputy Minister for Industry and Trade Denis Londo issued the directives in Dodoma yesterday during the 3rd Ministry-Business Officers Meeting.

He was speaking on behalf of the Minister while addressing business officers from all 26 regions and councils.

He said the officers had a critical role in attracting investors, expanding production, promoting value addition and creating employment opportunities.

Mr Londo said councils must maintain accurate, reliable and regularly updated information on businesses, industries, investors, markets, raw materials, infrastructure and investment opportunities to support planning and enable investors to make informed decisions.

“Every council must prepare and regularly update its investment profile. It is the responsibility of every council to provide information on existing investment activities, opportunities, raw materials, infrastructure, markets and investment areas,” he said.

He said some potential investors had failed to invest in certain areas because they lacked information about available opportunities, urging business officers to become more proactive in identifying and connecting investors with viable projects.

Mr Londo also directed councils to develop areas designated for industries, businesses and entrepreneurs, saying the government had restored 5 per cent of councils’ own-source revenues for development projects.

More than 72bn/- (approximately 27.3 million US dollars) is expected to be generated through the arrangement, with the funds expected to support infrastructure for markets, businesses and entrepreneurship.

“It is important that we now plan properly to ensure the funds become a seed for infrastructure development that will support business, investment and production activities,” he said.

He urged councils to involve experts in land, urban planning and road infrastructure when planning projects to ensure public investments create maximum economic impact.

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Mr Londo further called for accelerated formalisation of informal businesses, saying bringing them into the formal system would enable entrepreneurs to access advisory services, finance and markets.

“One of your achievements should be taking an ordinary Tanzanian with an informal business and bringing them into a system that can give them access to empowerment, advice, capital and markets,” he said.

He said business, industry and investment officers had a major responsibility in implementing Development Vision 2050 because of their strategic role in promoting private-sector growth, industrialisation and value addition.

“There can be no successful implementation of our Development Vision 2050 without you as business, industry and investment officers. You carry the economy of our country,” he said.

Meanwhile, Permanent Secretary in the Ministry of Industry and Trade, Ambassador Waziri Salum urged business officers to uphold integrity, honesty and professionalism while intensifying efforts to combat counterfeit goods.