Govt eyes vibrant private sector

ZANZIBAR President Dr Hussein Mwinyi has said the government has placed investment at the forefront of its agenda and is committed to creating a business environment that is competitive as well asconducive to private sector development.

At the closing of the Tanzania-European Union (EU) Business Forum in Dar es Salaam yesterday, Dr Mwinyi said partnership and collaboration could transform the private sector to achieve the goal of an inclusive and broad based middle-income economy by 2025.

“Our goal is to support a vibrant private sector that significantly contributes to the Tanzania’s social- economic growth.

The second goal is to transform the private sector by fostering an improved business environment and empowering it to achieve the goal of broad-based middle income by 2025,” Dr Mwinyi said during the forum, which was attended by about 700 delegates from Tanzania and member states of the European Union.

Dr Mwinyi further said the government was committed to promote investment, aimed to attract more EU investors to Tanzania.

“We greatly appreciate the EU assistance in this regard including their grant of 23 million Euros (equivalent to 56.7bn/-) that will support the implementation of the investment and business environment programme known as blue print and it will also improve the regulatory function of Tanzania Bureau Standard (TBS) to ensure that the local produced products meet international quality standard,” he noted.

Dr Mwinyi further pointed out that Tanzania and EU share a long-standing history of diplomatic and economic ties which presents a wealth of opportunities for both sides.

The business forum played an important role in linking businesspersons and investors to markets. A total of 115 projects with a combined value of 471.9 million Euros from EU countries were registered in Tanzania last year.

During the two-day forum, several contracts were signed including the three agreements signed by European Investment Bank (EIB) with three local financial institutions on financing new businesses in Tanzania to the tune of 540 million Euros (about 1.3tri/-).

He said the EU has consistently been one of the top investors in Tanzania and the forum served to deepen and strengthen those critical ties, “this is fully in line with the government of Tanzania’s commitment to promote sustainable economic growth through increased trade and investment,” he said.

“Initiatives of some EU companies to establish production base here in Tanzania will promote value addition, skill and technology transfer and foster strong partnership between Tanzania and EU,” Dr Mwinyi noted.

Dr Mwinyi also highlighted various untapped investment opportunities in Tanzania including sectors such as agriculture, blue economy, renewable energy, mining, transport and logistics, manufacturing, oil and gas, construction and financial services.

“Tanzania is reach in natural beauty, cultural heritage and untapped investment opportunities from pristine beaches of Zanzibar to the vast wilderness of Serengeti Tanzania offers unique and unrivalled experience,” he remarked.

In the first day of the forum a Memorandum of Understanding (MoU) was signed between the Director General of Tanzania Ports Authority (TPA), Mr PlasduceMbossa, and the Director of Port of Antwerp-Bruges International, Mr Mario Lievens.

Port of Antwerp-Bruges International (PoABI) and APEC-Antwerp/Flanders Port Training Centre (APEC) have been working together since 1979 with TPA on a sustainable partnership with a focus on capacity building.

 

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