Milestones in regulatory reform and investment environment programme
DAR ES SALAAM: PROFESSOR Kitila Mkumbo, Minister in the President’s Office for Planning and Investment, has highlighted significant advancements in evaluating the Blueprint for Regulatory Reform to Improve the Business Environment Strengthening Programme, which has been in effect for five years.
At the launch of the Investment and Business Environment Improvement Reports and Investment Management Tools in Dar es Salaam on Wednesday, Prof Mkumbo acknowledged the programme’s notable successes while also noting emerging challenges and recommendations for further development.
“The evaluation has showcased both our achievements and the challenges we’ve faced.
It provides actionable recommendations for enhancing Tanzania’s business environment,” Prof Mkumbo stated.
Launched in June 2019, the programme aims to analyse the business environment, identify necessary reforms, and improve Tanzania’s investment climate.
Key areas of focus include reducing the cost of doing business, streamlining the bureaucratic process for acquiring business permits, and addressing the issue of multiple regulatory bodies overseeing business activities.
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The programme was introduced following an independent, comprehensive five-year evaluation by a government-appointed consultant.
Prof Mkumbo commended the European Union (EU), as the main sponsor, and other partners such as UNDP, USAID, JICA and TRADEMARK Africa for their support and collaboration.
In the past year, Prof Mkumbo’s ministry has made significant strides, including preparing and presenting the Public Investment Act for 2023 to Parliament.
The Act has completed its first reading and is set for a second reading in the upcoming parliamentary session.
“We have achieved significant milestones and will continue to build on them.
For instance, we have advanced the drafting of the national vision, which has engaged many Tanzanians in providing their input,” he added.
The ministry has also developed a new investment policy for 2024, a substantial update from the previous 1996 policy.
Prof Mkumbo emphasized his ministry’s commitment to fostering a progressive and efficient business environment, expected to modernize and enhance Tanzania’s investment landscape.
