Samia reforms attract more investment projects

ARUSHA : REFORMS spearheaded by President Samia Suluhu Hassan since she assumed power has contributed greatly in attracting more investment projects, as the country recorded significant increase of the projects in the fourth quarter of the previous financial year.

According to Chairman of the Parliamentary Public Investment Committee (PIC) Mr Jerry Silaa, the number of projects recorded in the fourth quarter of the 2022/2023 financial year nearly doubled from 68 projects worth 478 million US dollars to 129 projects worth 1.009 billion US dollars.

The PIC chair was speaking in Arusha on Saturday at a working session which brought together board chairs, Chief Executive Officers (CEOs)  of public agencies and other statutory corporations.

Among the efforts undertaken by the government include execution of the blueprint for regulatory reforms to improve business environment.

The blueprint provides the government’s main framework for enabling a holistic review of the business enabling environment (BEE) in order to improve the business climate in Tanzania including in the industrial sector.

In particular, Mr Silaa said President Samia has showed commitment in luring investors to the country, adding that is why she recently formed a new Ministry of Planning and Investment to promote investments.

“By recognising that investment is a cross-cutting issue, the President formed a special Ministry of Planning and Investment which will play a significant role in attracting more investments,” Mr Silaa added.

He said: “President, you have opened up the country to investment, no one does not know the importance of the element of Foreign Direct Investments (FDIs) which is crucial to  the national economy… investment is increasing significantly”.

Silaa, who serves as Ukonga MP, commended President Samia for the massive investments in various mega development projects including the Kigongo-Busisi Bridge in Mwanza Region, which is a game changer in mineral-rich Mwanza and Geita regions as well as the Great Lakes Region, the Julius Nyerere Hydropower Project (JNHPP) and the Standard Gauge Railway (SGR).

He noted that in facilitating the execution of the projects, the government has managed to pay for the projects which are at different levels of execution, noting that the undertakings are in good progress.

In a related development, he said the committee will continue to fulfill its responsibilities in accordance with the constitution, laws, regulations and procedures with great professionalism and integrity.

Adding: “For those public institutions that are performing well will be applauded while those whose performance is average will continue to be advised so that they can improve.”

In a related development, Mr Silaa spoke of the contribution of the institutions in the central government coffers, saying the public entities contribute about 850.24 bn/- equal to 0.6 per cent of the country’s GDP and 7 per cent of the government budget.

“The committee manages a total of 304 public institutions, of which 248 the government owns more than 50 per cent of shares  and less than 50 per cent of shares in the remaining institutions, the total investments in those institutions is 70.67 tri/-,” he said.

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