Industrial exports up by 77pc

VARIOUS reforms that have been undertaken by the government have enabled the country to increase its exports of industrial goods to 1.5 billion US dollars by September this year, up from 850 million US dollars in the corresponding period in 2020.

This was unveiled yesterday by Vice President Dr Phillip Mpango on Thursday, saying the increase is equivalent to 77 per cent.

Dr Mpango made the statement as he was representing President Samia Suluhu Hassan during the President’s Manufacturer of the Year Awards (PMAYA) held in Dar es Salaam.

He said the increase in exports has improved the contribution of the industrial sector to the country’s gross exports to 13 per cent this year compared to 10 per cent that was recorded in the year 2020.

“Generally, the industrial sector has continued to record positive progress despite various global challenges that the world is going through,” he said.

Adding; “The contribution of the industrial sector to the economy was recorded at 8.5 per cent, 8.3 per cent and 7.8 per cent in the year 2019, 2020 and 2021 respectievely”.

The Vice President went on to explain that during the same period, the exports in industrial goods were recorded at 5.8, 4.5 and 4.8 per cent where the drop was contributed by the eruption of the global pandemic, Covid-19.

More so, Dr Mpango said the exports between   2019 and 2021 increased the country’s revenue collections of foreign currency from 850 million US dollars to 1.2billion US Dollars.

“These achievements are part of efforts that President Samia Suluhu Hassan has continued to take on strengthening further diplomatic ties with other nations.  Recently we witnessed the President     signing of Double Taxation Avoidance Agreements with ten countries, a move that aims at attracting more business and investments,” he said.

President Samia has been at the forefront of promoting tourism attractions available in Tanzania.

This is evidenced by the launch of the Royal Tour Film, holding talks with business leaders and investors in the various strategic countries she visited within and outside Africa.

Dr Mpango was of the view that the measures have brought positive results as Tanzania continued to attract a large number of local and foreign investors.

Figures have it that in 2021 the projects registered by the Tanzania Investment Center (TIC) were 256 (with a value of 3.7 billion US dollars) from 208 in 2020 that were valued at 1.1 billion US dollars.

Between July 2021 and March 2022, the government attracted a total of 206 large investors among them, 99 (49 per cent).

According to him, the number of tourists who are major consumers of industrial products, also increased by approximately 49 per cent.