Tanzania pushes for greater investment in infrastructure, trade, technology as major productive sectors

DAR ES SALAAM: THE Tanzanian government has urged businesses, investors and financial institutions in Tanzania to take advantage of opportunities in the country’s economy by investing capital in productive sectors, infrastructure, technology and trade to create jobs, increase production and strengthen Tanzania’s competitiveness in regional and international markets.

The call was made by Deputy Minister for Finance, Engineer Mshamu Ali Munde, while speaking at the fourth edition of The 200 CEOs Business Forum held in Dar es Salaam.

Munde said implementation of the National Development Vision 2050 requires firm investment decisions and greater commitment from both the government and the private sector.

He said Tanzania aims to build an inclusive, prosperous, equitable and self-reliant economy driven by the private sector and capable of competing effectively in global markets.

Under the vision, Tanzania targets an economy worth approximately 1tri US dollars and an average annual per capita income of more than 7,000 US dollars by 2050.

“The implementation of the National Development Vision 2050 goes hand in hand with the Long-Term Development Plan for 2026/27–2050/51, as well as five-year development plans, including the Fourth Five-Year Development Plan (FYDP IV) for 2026/27–2030/31,” Munde said.

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He said a key foundation for implementing the development plans is a 70:30 investment framework, under which the private sector is expected to provide the larger share of investment, while the government continues to create a conducive policy, legal, institutional and economic environment.

Munde also highlighted the importance of foreign direct investment (FDI), citing its contribution to bringing capital, technology, expertise and access to international markets.

At the same time, he said the government was committed to enabling more Tanzanians to participate in domestic investment and would continue supporting broader participation in government bonds, collective investment schemes, corporate bonds and the Dar es Salaam Stock Exchange (DSE).

The Deputy Minister urged corporate leaders, investors and financial institutions to make strategic use of available capital by investing in sectors capable of increasing production and adding value to the economy.

He said greater investment in productive activities would be important in supporting job creation, expanding economic opportunities and strengthening Tanzania’s position in regional and international markets.