Tanzania wants investors, business climate favour them

FOR the past decade, Tanzania focused on making remarkable economic reforms, reinforcing leadership ethics and investing in human development, which among others saw the country crossing the threshold into lower middle income status, well ahead of 2025 year that had been anticipated.

The observation is a clear testimony that the government is committed to promoting investments in the country as well the private sector as development partners for the economic growth.

Traced back to the days of Mwalimu Julius Nyerere’s pan-Africanism and struggle that every nation should be independent and engage in economic prosperity, successive governments have repeatedly welcomed investors to come enmasse to Tanzania- this is a clear show that the government is fully after raising livelihoods of its citizens.

In the race, the government equally sees the essence of teaming up with the private sector whether from foreign countries or local, because they are an engine of economic growth that also globally creates jobs locally.

This is because in the developing countries, the private sector generates 90 per cent of jobs, funds 60 per cent of all investments and provides more than 80 per cent of government revenues.

With such background, it is worth praising  President Samia Suluhu Hassan for repeated call to investors that Tanzania is their destination, when it comes to investing in agriculture, mining, fisheries and the list continues.

This is the kind of leadership Tanzanians want. Tanzanians want development, which in turn guarantee them raised livelihoods (read food), security and shelter among others.

For instance, according to the Absa Africa Financial Markets Index 2022, an annual report highlighting economies with the most supportive environment for effective markets, Tanzania has been ranked one of the best investment destinations in Africa, thanks to its strong regulatory framework, sound macroeconomic fundamentals and a vibrant financial market.

Hence, this is not the time to start unnecessary politics, which won’t raise the economy, create jobs to the youth, provide funds to fight Ebola and Covid-19 vaccines, you name it. It is the time to show full support to the government and encourage President Samia that whatever she plans for the country, Tanzanians are behind her.

This kind of dialogue is what will make Tanzania as country walk its path and feed its population if again- we are to go by Prof Justin Yifu Lin at Peking University school of thought that: “Every developing country has the potential to grow dynamically for decades, as long as the government plays the right role in facilitating the development of the private enterprises along the line of the country’s comparative advantages.”

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