The drive is homely for socio-economic transformation

DODOMA: THE Tanzania Vision 2050, officially launched on Thursday by President Samia Suluhu Hassan, is positioned to serve as a vital long-term strategic framework for the country’s socio-economic transformation.

Building on the achievements and insights gained from Vision 2025, Vision 2050, once implemented, will aim to guide the country’s progress towards creating a resilient, inclusive and uppermiddle-income economy by the middle of the century.

From an economic perspective, the importance of Vision 2050 for the nation’s future growth lies in its role as a comprehensive long-term economic strategy.

Vision 2050 seeks to create a comprehensive and strategic framework for national development over the next quarter-century. This framework will guide investment priorities, public policies, sectoral reforms and the strengthening of institutional capacities, ensuring that short- and medium-term strategies, such as Five-Year Development Plans, are aligned with longterm objectives.

Similarly, the vision is set to accelerate industrialisation and promote economic diversification. This is vital as Tanzania’s future economic growth depends on shifting from a commodity-based economy to a more diverse and industrialised one.

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As previously stated, Vision 2050 seeks to boost value addition in agriculture, mining and energy; expand manufacturing and industrial parks; and significantly strengthen links between sectors like agribusiness, logistics and digital services.

The review of the vision document (a 62-page Swahili version) revealed that a key element of economic progress is the quality and efficiency of the workforce. Vision 2050 is likely to emphasise the importance of investing in highquality education, vocational training and the development of science, technology and innovation, while also considering the empowerment of youth and the inclusion of gender in the workforce.

To succeed in the upcoming global economy, the country, through its Vision 2050, emphasises its commitment to adopting digitalisation and innovation. This involves improving broadband infrastructure, supporting start-ups and technological ecosystems and digitising government and financial services.

The document emphasises the promotion of sustainable practices for Green Growth and Climate Resilience in the country’s economic future. It highlights the importance of adopting climate-smart agriculture and renewable energy, alongside investments in climate resilience and the protection of natural resources.

Furthermore, it discusses aligning with global climate goals and carbon markets to facilitate green financing. To strengthen the backbone of infrastructure for sustainable growth, the vision outlines strategies to address gaps in transport and logistics (including roads, rail and ports), energy production and access, as well as water and sanitation.

This can be achieved through mobilising both public and private capital to build modern, resilient infrastructure. A key takeaway from Vision 2050 is how improved governance and institutional capacity will be achieved. Strong institutions and a clear policy framework are vital for promoting economic growth.

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Vision 2050 outlines a structure for increasing the effectiveness of the public sector and the quality-of-service delivery, advancing governance, maintaining the rule of law and strengthening anticorruption measures, while also encouraging effective decentralisation and boosting local economic development.

This vision aims to position Tanzania as a major economic player both regionally and globally by strengthening its integration with the EAC, SADC and AfCFTA, thereby transforming the country into a key trade and logistics hub in the region. The outcome of this initiative will be to improve the business environment, attracting increased foreign direct investment (FDI).

Consequently, Vision 2050 serves as a guiding framework for the future. By emphasising transformation instead of mere expansion, it will steer the nation’s course towards becoming a prosperous, industrialised nation that offers opportunities for everyone.

● The writer is an Economist-cum-Investment Banker and Daily News Columnist.