DODOMA: Stakeholders in the mining sector and other business stakeholders met yesterday in Dodoma to discuss how mineral exports can reflect the country’s economy as well as intensifying foreign exchange reserve.
The joint meeting that was chaired by Minister for Minerals, Anthony Mavunde was purposely meant to address crucial issues in the Tanzania’s mining sector and enhance collaboration between government officials and business stakeholders.
According to the minister, in the 2022/2023, the mining sector contributed 56per cent to the country’s foreign currency reserves and that Tanzania earned around 3.3billion US Dollars from minerals exports. However, he noted, the export value does not reflect the country’s economy.
“This is the reason why we have decided to meet today to discuss how best we can ensure the mining sector can provide what is expected in the Gross Domestic Product (GDP), as well as uplifting individual economies of miners and business persons in the sector,” he said.
The meeting provided an opportunity for the minister and key stakeholders in the mining sector to engage in an open dialogue and discuss the challenges, opportunities, and goals of the industry. Various representatives from mining companies, industry associations, and regulatory bodies were present, making it a crucial gathering to shape the trajectory of the sector.
In addition, the meeting also focused on the significant potential for increased investment in the mining sector. Tanzania, with its vast mineral resources, is an attractive destination for local and foreign investors.
The stakeholders discussed ways to encourage responsible investment, promote local content development, and ensure sustainable extraction and utilisation practices.
According to Mr Mavunde, the outcomes of the joint meeting are expected to have a far-reaching impact on Tanzania’s mining sector and that collaboration between stakeholders will likely lead to a more transparent and responsible industry.
Moreover, the emphasis on investment and local content development is likely to stimulate economic growth and job creation in the country.
Speaking after the meeting, Minister Mavunde expressed his gratitude to the stakeholders for their valuable contributions and commitment to improving the mining sector.
“This meeting has been fruitful in identifying key challenges and opportunities in our mining industry. By working together, we can create an environment that attracts investment, promotes sustainable practices, and maximizes the benefits for all stakeholders,” he said.
Among the issues that was raised by stakeholders during the meeting was how business persons can acquire loans, but in a quick response, Mr Mavunde said that Tanzania had its bank guarantee scheme—the Export Bank Guarantee Scheme which was providing immense support to the minerals business.